Alberta oil cuts may not mean spike at the pump in BC

Alberta oil cuts may not mean spike at the pump in BC

Alberta oil cuts may not mean spike at the pump in BC

However, the Imperial and Husky companies said Friday that they opposed non-voluntary production cuts but supported the rail investments because that could help improve market access.

Alberta's decision to mandate output cuts to reduce a supply glut will have negative effects on North American producers of lighter oil used for blending and USA refiners importing crude via rail, even as several major Canadian energy companies cheered the move. For these reasons, a government-mandated production cut in Saskatchewan could result in a loss of jobs and economic activity in our province, but would have little impact on the price of oil because it would disproportionately impact conventional oil production, which is not the problem.

The bottom has fallen out of the Canadian oil market this year ever since the Federal Court of Appeal overturned a decision by the central government to approve the Trans Mountain pipeline, which drove the Canadian oil discount to new highs relative to its U.S counterpart West Texas Intermediate.

On Sunday both Cenovus and Canadian Natural issued statements of support for the Alberta move, as did Chinese-owned oilsands producer CNOOC-Nexen.

Oil prices were pressured by a weekly report from the American Petroleum Institute (API) that said USA crude inventories rose by 5.4 million barrels in the week to November 30, to 448 million barrels, in a sign that US oil markets are in a growing glut.

The meeting will also include Indigenous leaders.

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"While Saskatchewan understands the action taken by our neighbours in Alberta to reduce the oil glut that is depressing the Western Canada Select oil price, the impact of the differential and how it is spread across our energy sector represents a different challenge to our province".

But Saskatchewan's overall outlook for oil prices remains positive.

Notley is taking the reduction as a response to a crisis, Willliams says, one that isn't only affecting Alberta, but the entire country.

Jackie Forrest, senior director at the ARC Energy Research Institute in Calgary, said some companies should have invested in rail capacity sooner in order to ease pipeline shortages. "They had an opportunity early to do something and they didn't", said Mandel.

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Canadian heavy crude strengthened the most since June.

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"Pipelines only solve one component of this", Traya said.

The losers include integrated producers who will likely pay more for their refining feedstock and companies that had meant to grow their production in the first half of 2019, it said.

Notley said Prime Minister Justin Trudeau's government must do its part by rolling back proposed legislation that she says will make it much harder for energy megaprojects to be approved.

"At the end of the day, this isn't just about Alberta, this a national priority". After the province achieves an 8.7 per cent reduction in supply, it will then lower production cuts to 95,000 barrels per day, ending in December 2019.

He lauded the province's market intervention, calling it a necessary step.

The production curbs announced by Alberta targets producers that pump out more than 10,000 bpd, or just 25 of the roughly 300 oil companies now operating in the province.

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