Canadian oil producers are in a full-blown crisis as prices hit record low

The Canadian oil industry is facing the worst pricing environment, according to a Bloomberg report.

The nation's heavy-oil benchmark - Western Canadian Select - has dropped by more than 60 percent since mid-May and hit a record low of $13.46 a barrel last week.  Its discount to US benchmark crude also exploded to a record high of $52.40 a barrel last month.

The nation is still producing more oil than its pipelines can handle and its storage capacity is filled to the brim, Bloomberg report notes. That has forced Canadian producers to take extraordinary steps, like shutting down some of their production.