Newspaper article The Canadian Press

Alberta Crude Oil Curtailments Remain Unchanged despite Price Recovery

Newspaper article The Canadian Press

Alberta Crude Oil Curtailments Remain Unchanged despite Price Recovery

Article excerpt

Oil cutbacks remain despite price recovery

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CALGARY - Alberta Energy Minister Marg McCuaig-Boyd says the province is leaving its oil curtailment levels at 325,000 barrels per day for now despite discounts for western Canadian crude that have narrowed to three-and-a-half-year lows.

According to Net Energy Exchange, the difference between bitumen-blend Western Canadian Select and New York-traded West Texas Intermediate was about US$8.25 per barrel on Wednesday, the last day of the trading cycle for barrels to be delivered in February.

The North American oil brokerage reports the discount was US$6.95 per barrel last Friday, the lowest level since June 15, 2015, and a substantial improvement over a peak of more than US$52 a barrel in October.

The differential recovered to traditional norms in the mid-teens or better in December after Alberta announced it would impose curtailments as of Jan. …

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