Alberta government imposes oil production cuts for province

Alberta government imposes oil production cuts for province

And the premier showed enough steel to demonstrate she has no problem pushing around the few billion-dollar oil companies that made it clear they don't want supply management of their output, seeing as they're making out like bandits already with things the way they are.

Executives of upstream oil companies such as Cenovus and Canadian Natural Resources, however, had urged Notley to intervene for weeks, saying they couldn't transfer the oil they were producing without sufficient pipeline space, leading to hundreds of thousands of barrels clogging up warehouses.

"There's not a lot of celebrations going on around downtown Calgary", Pourbaix said of the city where his company and most of Canada's energy industry is based.

Cutting 325,000 barrels of crude oil and bitumen will be temporary and will be implemented starting January.

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

Oil prices fell 1 percent on Wednesday, weighed down by swelling USA inventories and a plunge in global stock markets amid concerns over an economic slowdown. He said after consultation with local producers it was decided a mandated supply cut would do more harm than good - resulting in lost jobs and economic activity.

The government of Alberta is taking action to ease a regional glut of oil brought on by the continued delays of much-needed oil pipeline projects. In Alberta, the impact could be much higher, between 0.6 per cent and 1.3 per cent over the same period.

The discount between Western Canadian Select bitumen-blend oil and New York-traded West Texas Intermediate varied between US$19.75 per barrel and US$22.25 on Monday, an improvement over Friday's US$28.50 settlement price, according to Net Energy.

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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.

"Government intervention is never the preferred route, but because of the crisis that's taken place in Alberta and Canada, we can understand that this is the route taken", Fagerheim said. Shares of Athabasca Oil Corp. up more than 12 per cent to $1.16, while Cenovus Energy shares rose more than 11 per cent to $10.99.

"I had spoken last week in Ottawa about the fact that I'd be asking to have the agenda amended", Notley said at the Alberta legislature Tuesday.

"This is a time for unity and for resolve", said Notley on Monday.

In written comments Monday, energy minister Amerjeet Sohi said that Ottawa shares in "Alberta's frustration at the ongoing and unacceptable discount" on Canadian crude.

The Opposition United Conservatives and the centrist Alberta Party had already called for the production cut. Sohi had last week asked the National Energy Board about ways to make Canada's pipeline system more efficient. We need them to toss the half-hearted statements away, we don't actually need Ottawa's sympathy, we need Ottawa's full attention.

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

Under the plan, oil production will be cut by 325,000 barrels per day until the surplus is depleted and then it will drop to 95,000 barrels a day.

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