Alberta to reduce oil production in 2019 to increase prices

Canadian Heavy Crude Surges After Alberta Imposes Oil Cuts

Global prices crashed last month by the most in more than a decade, a plunge that battered producers in Alberta in particular amid surging oil-sands output, a shortage of pipeline space and heavy US refinery maintenance.

Saskatchewan's industry is conventional oil, not oilsands production, Moe said.

So, Notley's short news conference Sunday evening was a bravura performance.

Starting January 1, production of raw crude oil and bitumen will be reduced by 325,000 barrels per day to address the current storage glut of 35 million barrels.

"We've got challenges with respect to pipelines, we've got challenges with respect to rail and now we've got challenges with respect to our demand market", Allan Fogwill, chief executive officer of the Canadian Energy Research Institute said at a presentation in Calgary Wednesday.

Opposition United Conservative Leader Jason Kenney said Notley made the right decision.

"What we now have is a serious glut in oil, which can't be resolved until OPEC gets together on Thursday and decides to cut back along with Russian Federation and a few other producing nations". Some producers had already been slightly curtailing output in recent weeks because of painfully low prices, but there is a first-mover problem that goes into this thinking. "I will never stop fighting for Alberta", she said. "Our government has shown time and again that despite the fact that we're trying to work with the federal government and we call on them for action, when the line on the other end is silent, we're not about to wait for them".

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The move is expected to raise the price of Canadian crude by at least $4 per barrel and add around $1.1 billion to Alberta government revenues in 2019-2020.

"This is a time for unity and for resolve", said Notley on Monday. We need them to toss the half-hearted statements away, we don't actually need Ottawa's sympathy, we need Ottawa's full attention. "We need them to step up and help us bring an end to this crisis".

Bilous says the cut in oil production is a short-term solution and is about trying to reduce the backlog of oil that we now have. Industry groups and pundits scolded protestors, declaring that the oil would find its way to the market one way or another. They are the safest and best mode of transport to get our product to tidewater. "As well, takeaway capacity should be improved via Enbridge's revamped Line 3 pipeline", the TD economists said.

The province says each month, the reduction amount will be reviewed and that a 10,000 barrel per day exemption will lessen the blow to smaller oil producers. However, Imperial and Husky said Friday they remain opposed to involuntary production cuts. The oversupplies have resulted in severely depressed prices for Alberta crude, which has been trading at deep discounts to benchmark USA prices, and has prompted growing public outcry for governments to take action.

But Notley certainly did this with the knowledge that prices will rise relatively soon anyway as US refineries now partly closed for maintenance come back on stream.

Lori Williams is a political scientist with Mount Royal University and she says the political consensus is uncommon but speaks to the seriousness of the situation.

"Every Albertan owns the energy resources in the ground, and we have a duty to defend those resources", Notley said in a statement.

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