Alberta oil cuts will slow Canadian economy next year, banks predict

Alberta premier announces 8.7 per cent oil production cut to increase prices

Production of raw crude oil and bitumen will be reduced by 325,000 barrels per day to address the storage glut, representing an 8.7 per cent reduction.

Alberta Premier Rachel Notley announced the mandatory cut Sunday night and said the daily reduction will remain in place until the 35 million barrels of processed oil now in storage in the province is shipped to markets, likely by the spring.

The move to cut oil production could be good for the city itself, being in the oil and gas business.

There is every reason to believe that we can quickly bring this extra storage capacity online and then over the next few years use our new rail cars and locomotives to get this oil to market at fair prices.

A mandated cut would have little impact on price, but would prompt job losses and a decline in economic activity, he said.

Dan McTeague with GasBuddy.com says B.C. drivers shouldn't be anxious about to fill up their vehicles because our gasoline is made up of a blend of many different oils.

The provincial government says that differential is costing the national economy more than $80 million a day. But other majors like Suncor Energy Inc SU.TO and Husky Energy Inc HSE.TO , which have refineries and are therefore sheltered from the worst of the price impact, do not want to cut output. WCS now stands at around US$29 a barrel, and sells at a US$23.85 discount to the USA benchmark, a sharp improvement from a record US$50 differential earlier this fall.

More broadly, the slide in USA oil followed a tumble in global stock markets on Tuesday, with investors anxious about the threat of a widespread economic slowdown.

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"We must act immediately, and we must do it together", she said in a speech Sunday at the Federal Building.

While Notley did not refer to Saskatchewan in her remarks, the opposition leader, United Conservative Party Leader Jason Kenney, did. That narrower discount is now much more likely given the production cut.

Clugston has said in the past that he supports pipelines, but isn't convinced the Trudeau government understand the issue. The monthly curtailment levels will be provided through an order that will expire at the end of 2019, and the Alberta Energy Regulator will be tasked with implementing the system.

Health care fell 1.8 per cent as shares of cannabis producer Aphria Inc. plunged almost 28 per cent after short-sellers called the Canadian company a "black hole" and alleged that its recent global acquisitions totalling $280-million were "largely worthless".

Watch below: (From Dec. 3, 2018) For the first time in a generation, the Alberta government will impose a cap on the amount of oil that industry is allowed to produce.

"As proposed, the meeting agenda does not include any discussion on the crisis facing the energy industry and the price differential that is crippling the Alberta, Saskatchewan and Canadian economies".

Moe laid the blame for the current situation at the federal government's feet, for the demise of the Northern Gateway and Energy East projects, as well as Bill C-69. Texas-based Valero averaged about 30,000 bpd of Canadian crude by rail in the third quarter, it said.

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