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Alberta to Cut Oil Production, Crude Prices Rise

Stockhouse Editorial
0 Comments| December 3, 2018

Canadian crude producers saw a spike in early trading Monday, as did heavy oil prices.

This comes after the Alberta government took the advice of producers who have been hit by discounted prices and announced its plan to slap a production cut of 325,000 bpd (8.7%) to offset a supply glut.

Bloomberg reported that the benchmark for heavy oil, Western Canadian Select, jumped to $43.40 (CAD) a barrel, from $14.48. Alberta crude had been trading at a discount compared to West Texas Intermediate, the North American benchmark, for months, due to a surplus of inventory.

Oil sands projects have also been increasing production and tightening pipeline real estate, which has pushed prices lower as inventories rise. In October, WCS’ discount to futures dropped to $50 a barrel.


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