The Globe and Mail reports in its Friday edition Canada will see increased energy mergers and acquisitions in the next five to 10 years as cheaper oil forces producers to cut costs, according to Bank of Montreal's Brian Belski. A Bloomberg dispatch to The Globe quotes the chief investment strategist as telling a Toronto conference: "Remember the mid-90s, late-90s, massive consolidation for Canada's big energy companies? We think we're going to see a replay of that." Crude oil prices remain about 44 per cent lower than in last June. The lower prices have led oil-sands producers in Western Canada to reduce spending by billions of dollars and cut thousands of jobs. Mr. Belski said the industry is entering a prolonged period of slower global growth and lower prices that will mean companies will need increased cash flow to invest in the technologies that make them more efficient. That will translate into oil companies buying each other. Suncor was able to produce a barrel of oil-sands crude for $28 in the first quarter, compared with $40 five years ago. The S&P/TSX energy sector index has declined 23 per cent since oil prices started to drop from the June 20 high last year.