- Canada's largest oil producing province has ordered an unprecedented output cut, adding to global actions to combat a recent price crash.
- Facing a pipeline bottleneck and glut of oil in storage, Alberta will force producers to slash output by 8.7%, or 325K barrels per day, until excess crude is drawn down. The cuts will then drop to 95K bpd until Dec. 31, 2019.
- The measures follow a renewed commitment over the weekend by Saudi Arabia and Russia to extend their deal to manage the oil market.
- Potentially relevant tickers include CNQ, CVE, SU, IMO, ENB, ECA, TRP, CPG, ERF, OTCPK:MEGEF, OTCPK:HUSKF, OTCPK:ATHOF, OTCPK:SPGYF
- WTI Crude futures +4.6% to $53.29/bbl.
- ETFs: USO, OIL, UWT, UCO, DWT, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, WTIU, OILK, OILX, WTID, USOI, USOU, USOD, OILD, OILU, USAI