I would say this: We certainly are very worried about the future of the sector without additional liquidity measures. We've seen some very prudent investments, and we're certainly incredibly thankful to the federal government for including measures like the wage subsidy, but we have been reviewing the BDC liquidity programs, and unfortunately they don't go far enough, I think, to ultimately ensure the survival of the sector.
On the drilling rig side, for example, there's very little incentive or desire to put this equipment to work, given the current commodity prices today. You will recall that in western Canada we were at negative commodity prices, which meant that Canadian producers were literally paying someone to take barrels of oil and their resource away from them to put it somewhere.
In that sort of environment, we cannot see a reason a that a drilling rig would be required until two things happen, and we think we're at least 12 to 18 months out before this materializes. One is that we need to see a significant increase in overall demand. Keep in mind that we've had a 30% reduction in overall crude demand around the world. The world used to consume about 100 million barrels per day; today it consumes about 70, and that 30% reduction in demand certainly impacted pricing. The second thing is that we have had the supply shock as foreign powers, which produce their products in much less environmentally conscious states, flood the North American market, and this has added to the crushing of pricing for our commodity.
That's a long way of saying that we believe the industry is in a very precarious state. Without additional support measures, it is very unclear as to how many participants are going to get to the other side. With that, there will be a blow to critical service infrastructure for the oil and gas industry, and it will not allow us to produce high-quality Canadian oil and gas.