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Alberta to ease mandatory oil production limits as glut eases

  • Alberta's provincial government says it will ease mandatory oil production cuts in February and March, earlier than expected, saying its actions have eased a glut of crude.
  • “We’re not out of the woods yet, but this temporary measure is working,” says Premier Notley.
  • The government says it will set production for February and March at 3.63M bbl/day, 75K bbl/day more than the limit imposed at the start of January.
  • The production increase comes in response to storage levels dropping ahead of schedule, falling by ~1M bbl/week since the year began.
  • Not all companies will be pleased with the changes; Canadian Natural Resources (NYSE:CNQ) said last week it was "extremely concerned" about the prospect of changes to the curtailment rules, warning jobs could be hurt.
  • Other potentially relevant tickers include SU, IMO, CVE, ENB, ECA, TRP, CPG, BTE, ERF, OTCPK:HUSKF, OTCQX:PGHEF, OTCPK:MEGEF, OTCPK:ATHOF, OTCPK:SPGYF

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