The Canadian province of Alberta has cut oil output by a quarter or about 1 million barrels per day (MMbbl/d), Alberta’s energy minister, Sonya Savage, has informed OPEC.
The output cut by Alberta, home to the world’s third-largest oil reserves, represents about a quarter of its production, Savage said in an interview to be published in the April/May issue of the OPEC Bulletin.
“The minister stated there is currently no point in announcing additional output adjustments, as production has come down on its own,” an OPEC statement said.
"Additionally, the province already had mandated adjustments in place prior to COVID-19 due to a lack of pipeline capacity and inability to move the oil out of the producing region.”
Goldman Sachs on May 26 said Canada may announce additional production cuts if oil prices continue to remain low.
OPEC and other large oil producers in April agreed to cut output by almost 10 MMbbl/d, or 10% of global oil production, in May-June.
Savage said she hoped Alberta would continue to be part of future talks between OPEC and major oil producers to balance the oil markets.
Recommended Reading
CERAWeek: JERA CEO Touts Importance of US LNG Supply
2024-03-22 - JERA Co. Global CEO Yukio Kani said during CERAWeek by S&P Global that it was important to have a portfolio of diversified LNG supply sources, especially from the U.S.
Excelerate Energy’s CEO Kobos Bullish on US LNG
2024-02-22 - In a world rattled by instability, his company offers a measure of energy security to natural gas users via its fleet of floating storage and regasification units.
CERAWeek: Tecpetrol CEO Touts Argentina Conventional, Unconventional Potential
2024-03-28 - Tecpetrol CEO Ricardo Markous touted Argentina’s conventional and unconventional potential saying the country’s oil production would nearly double by 2030 while LNG exports would likely evolve over three phases.
Tinker Associates CEO on Why US Won’t Lead on Oil, Gas
2024-02-13 - The U.S. will not lead crude oil and natural gas production as the shale curve flattens, Tinker Energy Associates CEO Scott Tinker told Hart Energy on the sidelines of NAPE in Houston.
ConocoPhillips CEO Ryan Lance Calls LNG Pause ‘Shortsighted’
2024-02-14 - ConocoPhillips chairman and CEO Ryan Lance called U.S. President Joe Biden’s recent decision to pause new applications for the export of American LNG “shortsighted in the short-term.”