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06 December 2018, 09:40 | Austin Hogan
Natural Resources Minister Amarjeet Sohi
Suncor Energy (TSX:SU), Canada's largest oil and gas producer by market cap., said Monday it was evaluating the impact of the Alberta government's decision to force oil production cuts next year to deal with a pipeline bottleneck that has led to stock oversupply and driven down the country's crude prices.
About 25 Alberta producers are expected to be impacted by the cuts until the 35 million barrels of oil now in storage are shipped out of the province.
A wider-spread collapse in oil prices could wash away much of the gains from Alberta's production cuts, several analysts said Monday.
"There's such a surplus of oil in inventory right now that with the curtailment and stuff it should use up that inventory", says Petrone.
"Albertans know that extraordinary times call for decisive action", Notley said, taking the opportunity to slam Ottawa for failing to intervene. That figure is expected to shrink as the glut of oil in storage is addressed.
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For example, OECD inventories are showing continued buildups, while current expectations are calling for USA shale companies to help boost total production above 12 million barrels a day next year.
Canada's announcement to enforce mandatory production cuts starting next month will make moving crude on trains less attractive just as the government buys railcars. "Saskatchewan will continue to work with our provincial counterparts and advocate for the federal government to create a long-term solution to this crisis by getting pipelines built so we can sell our oil for what it is worth", Moe said.
Moe said Saskatchewan's oil industry differs from Alberta. The monthly curtailment levels will be provided through an order that will expire at the end of 2019, and the Alberta Energy Regulator will be tasked with implementing the system.
While the government isn't helping with the rail auto purchase and had no new funds for oil and gas in its fall fiscal update, Natural Resources Minister Amarjeet Sohi did reveal on Friday that he had asked the National Energy Board to evaluate whether Canada's pipelines are being used to their full capacity. This is especially true if companies with their own US refining capacity, like Husky Energy Inc., Imperial Oil Ltd. and Suncor Energy Inc., decide to squeeze their own workers till the pips squeak to punish the government for reducing their profit expectations for the greater good. As the excess storage clears, the reduction is expected to drop to 95,000 barrels a day. That's on top of mounting concern that the country's regulatory framework makes it very hard to get much-needed pipeline projects approved.
It costs about $22 to ship crude via rail from Alberta to the Gulf, market sources told Reuters.
"We've got challenges with respect to pipelines, we've got challenges with respect to rail and now we've got challenges with respect to our demand market", Allan Fogwill, CEO of the Canadian Energy Research Institute said at a presentation in Calgary Wednesday.
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