03 December

Alberta will cut oil production by 8.7 per cent starting in January in an effort to reduce the punishing price differential plaguing energy producers, says Premier Rachel Notley. “We must act immediately, and we must do it together,” she said in a speech Sunday at the Federal Building. About 25 producers are expected to face […]

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03 December

Crude oil and other petroleum products are transported in rail tanker cars on a Canadian Pacific Railway train near Olds, Alberta, on Oct. 23, 2018. Industry groups representing miners, grain traders and forestry companies that rely on railways are warning Alberta’s plan to buy and add oil trains to Canada’s busy track network risks causing […]

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03 December

Alberta Premier Rachel Notley said on Dec. 2 that the western Canadian province would mandate temporary oil production cuts to deal with a pipeline bottleneck that has led to a glut of crude in storage and driven down Canadian crude prices. The left-leaning New Democratic Party government will force producers to cut output by 8.7%, […]

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03 December

CALGARY, AB / ACCESSWIRE / December 3, 2018 / Point Loma Resources Ltd. (TSX-V: PLX) (the “ Corporation ” or “ Point Loma “) is pleased to announce the casing of the Corporation’s recently captured Rex oil opportunity. In addition, the Corporation is providing updated operational information. Highlights Rex oil horizontal was cased on December […]

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03 December

CALGARY, Alberta, Dec. 03, 2018 (GLOBE NEWSWIRE) — Suncor today confirms it is assessing the impact of the Government of Alberta’s announcement to curtail oil production during 2019. Suncor believes the market is the most effective means to balance supply and demand and normalize differentials. Less economic production was being curtailed and differentials were narrowing […]

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03 December

Fort Hills Oilsands Site CALGARY – Oil market analyst Kevin Birn likens Western Canada’s crude supply to a bathtub with a drain that’s too small to keep up with the increasing volume pouring out of the tap. As barrels of surplus oil lap the edge of the tub, desperate producers are forced to sell at […]

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03 December

Alberta Premier Rachel Notley. Image: Government of Alberta EDMONTON — Premier Rachel Notley is ordering a mandatory cut to oil production to deal with a price crisis she says threatens to gut Alberta’s bedrock industry. Notley announced the province will impose across-the-board cuts amounting to 8.7 per cent of output to reduce a growing glut […]

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03 December

Oil surged as Saudi Arabia and Russia extended their pact to manage the market and Canada’s largest producing province ordered unprecedented output curbs. After their worst month in a decade, prices in New York and London advanced more than 5 percent on Monday. Although Russia and Saudi Arabia have yet to confirm any fresh cuts, […]

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03 December

Pengrowth’s Lindbergh SAGD project near Cold Lake, Alta. Image: Scovan Engineering Heavy oil-focused intermediate Pengrowth Energy Corporation says that it is “well insulated” from the massive current price discount as a result of its market access strategy. The discount for Canadian heavy oil compared to WTI reached a staggering US$52/bbl in October, and has since […]

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03 December

Alberta Finance Minister Joe Ceci. Image: Flickr/Premer of Alberta Alberta slashed its economic growth forecast for this year and next as plunging prices for local crude threaten to eat into corporate profits and reduce investments. Gross domestic product will increase 2 percent in 2019, the province said Friday in its second-quarter fiscal update. That’s down […]

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