Thursday, 13 December, 2018

  • Economy
  • Canada's Alberta province orders drastic oil production cuts to fight price crisis

Canada's Alberta province orders drastic oil production cuts to fight price crisis

Alberta premier announces 8.7 per cent oil production cut to increase prices Alberta Premier Rachel Notley Orders Oil Production Slashed To Fight Price Crisis
Conrad Doyle | 06 December, 2018, 12:04

Notley is meeting with her cabinet to issue the necessary orders to direct oil producers to begin backing off on oil production by 8.7 per cent starting January 1.

Alberta produces 3.7 million barrels a day, but that is 190,000 barrels more than can be shipped.

"A crisis of this magnitude must be reflected in any discussion on 'economic competitiveness.' We trust that the agenda for our upcoming first ministers meeting can be revised to better reflect the need for a substantive discussion on issues of critical importance to the Canadian economy". "The measures Premier Notley announced today will help balance the market in the short term until new rail and pipeline capacity comes on stream late next year and into 2020". "That's going to be a big concern".

During the first year, the ship-fuel standard will make WCS crude about $7/bbl or $8/bbl cheaper relative to West Texas Intermediate futures than it would normally be, IHS Markit's Barrow, V.P. of the oil markets for midstream and downstream energy, said by phone from Houston. The technology used to extract Alberta's oil sands was developed largely through government-backed programs that started around the 1920s and continued for decades.

Oil prices rose on Monday, buoyed by coordinated production cuts - cuts that did not come from Vienna (although that too could occur later this week). The company lives on today as a gas-station chain owned by Suncor. "It has a huge impact on small businesses, any of the service companies working for the oil and gas companies, and the companies themselves".

At least one oil company in Saskatchewan agrees with the provincial government's decision to not make cuts to oil production.

But the Court of Appeal sided with environmentalist and indigenous opponents of the project in an August ruling, leading the federal government to give up fighting and darkening the outlook for investment, oil prices and the Loonie.

Federal Conservative Leader Andrew Scheer said Alberta's dilemma is a direct result of the Trudeau government's failure to get pipelines built while cancelling ones like Northern Gateway.

Right after Alberta Premier Rachel Notley announced the province would be imposing 8.7 per cent oil production cuts across the board (with a 10,000 bpd exemption), Cenovus Energy Inc. president and CEO Alex Pourbaix posted the following media statement on the company's Facebook page. "I think that level of detail in the announcement really provided the market with a lot of certainty in order for it to price in that move very, very quickly". "People are frustrated that the situation with market access has led us to this solution".

Canada's federal government had been attempting for some time to build a new pipeline called "Trans Mountain" that it claimed would enable the nation to export more oil to worldwide markets, instead of sending all of it to the U.S.

Still, the move already appears to be having its intended effect.

Meanwhile, shares in oil producers who had been either benefiting or insulated from the discount prices stayed put or subsided. The government said the reduction will be evaluated monthly.

"Our oil production and market for our product is significantly different than Alberta's".

David MacNaughton says no one in the US government has raised Alberta Premier Rachel Notley's move with him. We may see that they're successful in decreasing the differential more significantly as we adjust to what the impact actually is.

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