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The Alberta government is loosening the restrictions on oil production in February and March after supplies dropped far quicker than expected. The Notley government has announced it will be increasing the amount of oil produced in Alberta after just a month of a curtailment plan that saw a decrease in production by 325,000 barrels per day. The change is because of storage levels in Alberta dropping ahead of schedule. They dropped by about one million barrels per week since the start of the year. As a result, the NDP government will be increasing production in February and March to 3.63 million barrels per day, up from January’s limit of 3.56 million or an increase of about 75,000 barrels per day. Notley announced on December 2 that they would be imposing a limit on production in order to address the massive oil surplus that was adding to the oil price differential. She says her government’s measures are working. “While it hasn’t been easy, companies big and small have stepped up to help us work through this short-term crisis while we work on longer-term solutions, like our investment in rail and our continued fight for pipelines,” she said in a release. […]
