Pumpjacks pump crude oil near Halkirk, Alta., June 20, 2007. A pair of Calgary oil companies are cutting their dividends and reducing production because of current steep discounts on western Canadian oil prices. Prices for western Canadian oil continued to strengthen on Friday as markets adjusted to a plan by the Alberta government to eliminate a glut of oil that has plagued producers for months. After hitting highs of more than US$52 per barrel in October, the discount on Western Canadian Select bitumen-blend crude versus New York-traded West Texas Intermediate settled at about US$15 per barrel on Friday, according to Net Energy. That’s a level that analysts consider to be normal or typical based on higher transportation costs and lower quality compared with WTI. READ MORE: PMO confirms oil prices, energy sector jobs to be on first ministers’ meeting agenda Watch below: A big crowd gathered in Drayton Valley Tuesday amid low oil prices and disappearing jobs. As Albert Delitala reports, demonstrators want more done to support the oil and gas industry and pipelines. A week earlier, just before Alberta Premier Rachel Notley announced the province would curtail production from large companies to remove 325,000 barrels per day of […]
