Alberta Premier Rachel Notley
ordered oil and gas operators in the
province to cut production across-theboard
by 8.7% to reduce a growing glut
of oil in the province
and prop up lagging oil
prices, which have slipped to $40 below
US benchmarks. She called the order “a
short-term measure” that will take effect
in January and then gradually decrease
until it ends on Dec. 31.
The mandatory cut will initially reduce
oil and bitumen production by 325,000 bbl/d.
As the excess storage clears, the reduction
is expected to......
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