.png)
Image: Cenovus Energy CALGARY — Crude oil prices in Western Canada remained elevated on Wednesday, the day after provincially mandated oil production curtailments came into force, but a government spokesman says it’s too early to say how long the program will remain in place. The difference between Western Canadian Select bitumen-blend heavy oil and New York-traded West Texas Intermediate oil prices was about US$12.50 per barrel on Wednesday afternoon, according to Calgary oil brokerage Net Energy, an improvement over the US$17.52 per barrel average for spot contracts for January delivery signed last month. The WCS-WTI discount peaked at more than US$52 a barrel in October, a level at which the province estimated it was costing the Canadian economy more than $80 million per day. But it recovered to traditional norms in the mid-teens or better after Alberta Premier Rachel Notley announced Dec. 2 that the province would impose curtailments of 325,000 barrels per day as of Jan. 1 to relieve a glut of oil in Western Canada and free up export pipeline space. The program, designed to remove about 8.7 per cent of total Alberta production from the market, was to remain in place for about three months and […]
