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Suncor president and CEO Mark Little. Alberta’s three largest oil producers have said their priority this year would be focused on paying down debt and paying shareholders rather than growing production. Article content CALGARY — Rising oil prices will provide much-needed relief to balance sheets in both the private and public sector in Alberta, but even skyrocketing crude won’t rescue the province’s budget problems or direct investment in the province. Crude oil prices have climbed steadily since Nov. 2020 and are now trading in a range that will lift the Canadian dollar, help alleviate some of the strain on Alberta’s budget and allow the country’s largest oil producers to generate additional billions in cash this year. Earlier this month, Brent crude briefly hit US$70 per barrel, and Bank of America has suggested the benchmark could breach the US$100 per barrel milestone once again amid rising global demand. West Texas Intermediate benchmark oil price traded down 1.6 per cent Tuesday to US$64 per barrel, which is still roughly double the North American benchmark’s price from last summer. Similarly, the Western Canadian Select benchmark for domestic heavy oil blends fell 58 U.S. cents per barrel Tuesday, or 1 per cent, to […]
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