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 cutting back oil production
03 December, 2018, 21:40
The province plans to buy thousands of rail tankers and up to 80 locomotives to get its product flowing, but those measures are not expected to be in place until late 2019.
Roughly speaking, Notley said, while the rest of the world sells its oil at about $50 per barrel, Alberta fetches only $10.
Executives of upstream oil companies such as Cenovus Energy and Canadian Natural Resources have urged Notley to intervene for weeks, saying that they couldn't transfer the oil they were producing without sufficient pipeline space, leading to hundreds of thousands of barrels clogging up warehouses and being sold at a discount.
Some of Canada's largest integrated energy giants are pushing back against Alberta Premier Rachel Notley's decision to force output cuts on the province's oil sector. She said the cuts decrease during the year as the bloated inventories in the province subside and prices return to more normal levels compared to the North American benchmarks.
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On Monday, Western Canada Select (WCS) heavy blend crude for January delivery in Hardisty, Alberta, traded at a discount of $19.50 a barrel below USA crude futures, traders said, the smallest discount since July 18.
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.
The specific impact of the production cut will be provided when Suncor issues its 2019 capital and production guidance.
The Trans-Mountain line to the B.C. coast is now in legal limbo despite being approved two years ago. Alberta now has to buy more oil trains-a more risky way to transport oil than pipelines-because production is rising inexorably while pipeline capacity remains the same in the face of fierce opposition from environmentalist groups and First Nations against new pipeline projects.
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The Opposition United Conservatives and the centrist Alberta Party had already called for the production cut.
Cenovus Energy, which has oil sands projects in northern Alberta, commended Notley for making "the hard but necessary" decision.
"Many of these policies (were) supported either by acquiescence or actively by the NDP government", said Kenney. At present, 97 percent of Canadian oil exports go to the USA, which is awash with oil.
Industry feelings prior to the announcement had been mixed. However, Imperial and Husky said Friday they remain opposed to involuntary production cuts.
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