Alberta Extends Oil Production Cuts. Alberta has announced an extension of the obligatory oil production cuts approved by the previous government on the grounds that it is uncertain when new pipeline capacity would come on stream. Reuters reports the cuts would be extended by another 12 months until the end of 2020. Alberta Premier Rachel Notley said on Sunday the government would force producers to cut output by 8.7 percent, or 325,000 barrels per day (bpd), until excess crude in storage is reduced. The plan announced on Sunday will lower production of raw crude and bitumen from Alberta by 325,000 barrels a day, or 8.7 percent, from January until excess oil in storage is drawn down. The reduction would then drop to 95,000 barrels a day until the end of next year at the latest. Alberta premier announces the province is cutting oil production Oilfield service companies are also on the losing side of the equation, said GMP FirstEnergy in a note, because drilling budgets Alberta crude production cuts expected to create winners and losers: analysts. CALGARY — Oil production cuts announced by the Alberta government will have the desired outcome of reducing steep price discounts on western Canadian crude, but will also create winners and losers, financial analysts say. Premier Rachel Notley said the province will mandate a temporary oil production cut of 325,000 barrels of oil per day, or 8.7 per cent, starting in January 2019. In early December, the Alberta government moved in to shore up the price of Canadian heavy oil and in the most drastic measure yet, the province of Alberta mandated an oil production cut of 325,000 bpd beginning in January 2019. In recent weeks, the discount of WCS to WTI has been below US$15
6 May 2019 From 1999 to 2008, the price of crude oil saw an unprecedented spike, going and India and production cuts by the Organization of Petroleum Exporting from Alberta's oil sands, the world's third-largest crude oil reserve.
11 Jan 2019 Alberta produced 19.3 million cubic metres of crude oil and equivalent products in October, an increase of 17.3 per cent from the same month a Alberta bets on oil production cuts but industry remains divided on market intervention. Alberta Premier Rachel Notley hopes production cuts will be temporary, short and effective. But it's an imperfect solution that continues to divide the oilpatch and poses at least some risk. Alberta Premier Rachel Notley has announced a temporary 8.7 per cent oil production cut, or decrease of 325,000 barrels a day, starting Jan. 1, 2019. Alberta Premier Rachel Notley has announced a temporary 8.7 per cent oil production cut, or decrease of 325,000 barrels a day, in the production of raw crude oil and bitumen starting Jan. 1, 2019. Alberta's oil cuts backfire as crude-by-rail shipments collapse Suncor predicts quick end to curtailment amid fresh glut of oil in storage Alberta’s effort to alleviate a crude glut through mandatory production curtailments may be backfiring, as Canadian heavy crude has become too expensive to ship by rail.
21 Aug 2019 This had pressured Canadian crude prices to discounts of up to US$50 per barrel against West Texas Intermediate. The cuts, originally of
2 Apr 2019 One group of Canadian oil producers is gaining from the output cuts light crude far from the giant oil-sands mines of northern Alberta are 4 Nov 2019 CALGARY — Alberta is going in the “right direction” with its plan to ease production curtailments for oil producers who add crude-by-rail Crude Oil Prices. Alberta Energy Regulator 4 per cent, respectively, because OPEC-led cuts reduced global oil inventories and strong global oil demand. 6 May 2019 From 1999 to 2008, the price of crude oil saw an unprecedented spike, going and India and production cuts by the Organization of Petroleum Exporting from Alberta's oil sands, the world's third-largest crude oil reserve.
TORONTO—The leader of western Canada’s oil-rich province of Alberta on Sunday said she is forcing oil companies to cut crude production by nearly 9% for next year in a bid to lift depressed prices. The move by Alberta Premier Rachel Notley marks an
Alberta Premier Rachel Notley is ordering a mandatory cut in oil production to deal with a price crisis that she says is costing Canada an estimated $80 million a day. Notley says as of January there will be an 8.7 per cent reduction ordered in oil production. Output of raw crude oil and bitumen will be reduced by 325,000 barrels per day. The Alberta government is pulling back on oil production limits it imposed earlier this year, after complaints from some of the province’s largest producers and a warning from one company that job cuts were imminent. The province cut production in January by 325,000 barrels a day. What’s going on. Alberta produced more crude oil in 2018 than could be shipped for export by rail or pipeline. This affected storage levels, Canadian crude oil prices and other aspects of the market. To protect the value of our oil, the Government of Alberta temporarily limited production to match export capacity to prevent Canadian crude
4 Nov 2019 CALGARY — Alberta is going in the “right direction” with its plan to ease production curtailments for oil producers who add crude-by-rail
In early December, the Alberta government moved in to shore up the price of Canadian heavy oil and in the most drastic measure yet, the province of Alberta mandated an oil production cut of 325,000 bpd beginning in January 2019. In recent weeks, the discount of WCS to WTI has been below US$15
9 Mar 2020 The price of crude oil, which happens to be Canada's largest export, recorded The premier of Canada's energy-rich province, Alberta, weighed in as this will be clear-cut negative for the Canadian dollar, economic growth, 9 Nov 2019 The 2019 pipeline map below shows many of the major Canadian and U.S. crude oil pipelines and refineries. Click to download full image. 7 Jan 2019 The government of Alberta mandated production cuts of 8.7% in order to Canada's inability to move its crude oil out of Canada, either to the