Saskatchewan doesn't plan to follow Alberta's oil production cuts, says Moe

Saskatchewan doesn't plan to follow Alberta's oil production cuts, says Moe

The curbs will begin January 2019.

In an email, Crescent Point Energy said, right now, it doesn't produce more than 10,000 barrels of oil a day, which is where the production cuts in Alberta are set.

However, the time since August has been a one-way street to new lows. Western Canadian Select (WCS) is the reference price for heavy crude oil from the oilsands delivered at Hardisty, Alta.

The market price for Alberta oil rebounded Monday, but the discount Canadian producers have to stomach compared with the price their USA counterparts get is still north of $30 a barrel. In October, WCS' discount to futures dropped to $50 a barrel.

Meanwhile, Suncor Energy Inc.(SU.TO) said that it also would have preferred to avoid government intervention.

"We regularly manage a wide range of risks associated with technical, operational and market considerations", said Imperial Oil Ltd. (IMO.TO) CEO Rich Kruger in a statement. As such, some oil executives argued that only government action could provide an orderly way to reduce output to narrow price differentials.

"When you are just breaking even or you are actually losing money, you can do nothing other than the bare minimum".

Did this tweet cost a Packers assistant his job?
But again, I'm not anxious about that right now", he said earlier this week of possibly taking another head coaching gig. "We try to stay in the moment".

Moe pointed out the market for Saskatchewan oil is different from Alberta's, because 60 per cent produced here is in the light to medium range, as opposed to the heavier product coming out of the oil sands. The group, led by Saudi Arabia and more recently Russian Federation, is set to meet in Vienna on December 6 and 7.

Moe said that while he agrees there is an unacceptably high differential for Alberta oil, "a government-mandated production cut in Saskatchewan could result in a loss of jobs and economic activity in our province, but would have little impact on the price of oil because it would disproportionately impact conventional oil production, which is not the problem".

That figure is expected to shrink as the glut of oil in storage is reduced. In Alberta, the impact could be much higher, between 0.6 per cent and 1.3 per cent over the same period. But she has said that rail cars, new pipelines and increasing domestic refining capacity would not bring relief soon enough. Still, she said many pipeline delays were hard to predict amid assurances by industry and government that pipelines could be successfully built to tidewater. "It would be great if they joined with us".

"We continue to believe that relief from additional pipeline capacity is the most viable (and sustaining) method of getting Albertan (Canadian) production to market, but that this will help in the near term", it added, citing the rail deal.

"Pipelines only solve one component of this", Traya said.

On Monday, Alberta Energy Minister Marg McCuaig-Boyd said her government had been in contact with Saskatchewan. Sohi had last week asked the National Energy Board about ways to make Canada's pipeline system more efficient. "We need Ottawa's full attention", Notley said prior to a cabinet meeting Monday morning.

At least one oil company in Saskatchewan agrees with the provincial government's decision to not make cuts to oil production. When Enbridge's Line 3 starts pumping at the end of next year, that, too, will increase demand and raise prices - although too late for the NDP's electoral strategy.

Related Articles

  • Donald Trump likely to meet Kim Jong Un again in early 2019

    Donald Trump likely to meet Kim Jong Un again in early 2019

    Also, working on his North Korea diplomacy, the president met with the leaders of the Netherlands and South Afirca. Kim agreed to travel to Seoul after hosting Moon in Pyongyang in September for their third summit this year.
    Chief financial officer of China's Huawei arrested in Canada

    Chief financial officer of China's Huawei arrested in Canada

    The Globe and Mail reported earlier Wednesday that she was arrested on suspicion of violating US trade sanctions on Iran. Meng's arrest comes amid a year-long USA government campaign against a company it views as a national-security threat.
    Cardi B and husband Offset break up

    Cardi B and husband Offset break up

    After a year of marriage, USA super couple Cardi B and Migos' Offset have split, leaving fans in shock and deep in their feels. And while many are pulling for the couple to make things work, some in Cardi's camp are cheering on her decision to move on.
  • Free Flu Shots Available at Sevier County Health Department Event

    Free Flu Shots Available at Sevier County Health Department Event

    These remedies can help you recover quicker, and can potentially prevent you from being hospitalized with flu complications. The most common symptoms of the flu include cold-like symptoms including fever, stuffy nose, body aches and fatigue.
    Wisconsin Legislature OKs weakening governor, AG

    Wisconsin Legislature OKs weakening governor, AG

    They clearly communicated to my office their preference that the separation of powers between branches of government be retained. The measure was approved on a 17-16 vote with all Democrats and one Republican voting against it.
    AirPods may support wireless charging in 2019. But where's AirPower?

    AirPods may support wireless charging in 2019. But where's AirPower?

    He also didn't mention anything about AirPower wireless charging pad , which is also Apple's most delayed product till date. Additionally, the company is also working on launching a new pair of AirPods with an all-new design in early 2020 .
  • One Test to Diagnose Them All — Universal Cancer Test

    One Test to Diagnose Them All — Universal Cancer Test

    These distinct patterns of molecules control which genes are turned on and off at any given time and "decorate the DNA". It is based on a process known as epigenetics - the attachment of a chemical tag known as a methyl group to DNA.
    Salman Khan tops in Forbes India Celebrity 100 List

    Salman Khan tops in Forbes India Celebrity 100 List

    Cricketers Mahendra Singh Dhoni and Sachin Tendulkar have bagged the fifth (Rs 101.77 crore) and ninth ( Rs 80 crore ) positions. The 2018 Forbes India Celebrity 100 List rankings are based on estimates of entertainment-related earnings of celebrities.
    Priyanka Chopra announces she is Mrs Jonas now with a cute gesture

    Priyanka Chopra announces she is Mrs Jonas now with a cute gesture

    Some have also said that the article is a result of jealousy and also spewing hatred against brown skin and Indian women. What Nick & Pri have is Beautiful Love.
  • Two US Marine planes crash while refueling off Japan

    Two US Marine planes crash while refueling off Japan

    Two United States Marine aircraft crashed off the coast of Japan on Wednesday. "Search and rescue operations continue for U.S. In a statement, the Marine Corps said the planes had taken off from Marine Corps Air Station Iwakuni in southern Japan.
    Usman Khawaja's brother arrested by counter-terrorism police over fake terror plot

    Usman Khawaja's brother arrested by counter-terrorism police over fake terror plot

    The police went on to add that there was a case of being partly motivated by a "personal grievance" over a woman. Usman Khawaja was born in Pakistan and was first selected for Australia in the Ashes series of 2010.
    George Soros’s university says it is being forced out of Hungary

    George Soros’s university says it is being forced out of Hungary

    Orban whose vision for an "illiberal democracy" in Hungary clashes with the liberal, internationalist vision championed by Mr. The university said it would begin teaching all US-accredited programs in a new site in Vienna starting in September 2019.