giftedviz.com
giftedviz.com December 14, 2018


The Canadian Dollar: Analysts Slash Economic Forecasts after Alberta Oil Production Cuts

06 December 2018, 09:40 | Austin Hogan

Natural Resources Minister Amarjeet Sohi

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.

In early trading Monday, Cenovus Energy Inc. rose as much as 13 per cent over its Friday close to $11.11, while Canadian Natural Resources Ltd. rose as much as 16 per cent to $38.74.

Notley said the 8.7 per cent reduction begins in January, with the expectation that figure will gradually decrease until the cuts are scheduled to end on December 31, 2019.

My Husband’s Planning It: Priyanka Chopra on Her Honeymoon Plans
Some have also said that the article is a result of jealousy and also spewing hatred against brown skin and Indian women. Priyanka Chopra and Nick Jonas' three-day wedding celebration concluded over the weekend.


Nationals sign all-star pitcher Patrick Corbin to 6-year deal
The 36-year-old was drafted in 2004 by the Phillies and spent his first three seasons in Philly. The big victor of the Patrick Corbin sweepstakes is the Washington Nationals .


Ex-NFLer Brandon Browner sentenced for attempted murder
The site reported that in exchange for the pleas the robbery, burglary and false imprisonment charges were dropped. He was with the Seahawks during their Super Bowl win in February 2014 and was signed to Patriots later that year.


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.



Other News

Trending Now

Michelle Obama offers advice to Meghan Duchess of Sussex
As a third source noted, " Meghan's a strong character and so is Kate, so it doesn't surprise me there have been clashes". Prince Harry and Meghan at the Centenary of the Armistice Service last month.

Unilever to buy GSK consumer healthcare brands
Where relevant, these actions are subject to the appropriate consultations and approvals. The deal is being touted as one of the country's largest in the consumer goods market.

Rescue mission in Japan after 'mishap' involving two Marine aircraft
The aircraft were identified as a KC-130-a plane involved in aerial refueling-and an F/A-18 Hornet-a twin engine fighter jet. Search and rescue missions were being led by the Japanese Maritime Self Defense Forces, ABC News reported.

Huawei finance chief arrested in Canada as USA seeks extradition
USA media have reported that the U.S. is investigating Huawei for potential violations of United States sanctions against Iran. Meng's arrest comes amid a year-long US government campaign against a company it views as a national-security threat.

What channel is Wolves vs Chelsea on today?
Willian and Alvaro Morata line up in attack alongside Eden Hazard , with Pedro and Olivier Giroud dropping to the bench. And his team are placed just behind the high flying Manchester City and Liverpool.

World Bank Group Will Allocate $200 Billion In Funding Against Climate Change
Frank Bainimarama, prime minister of Fiji and president of last year's COP, said developed nations must act now to save the planet.

China agreed to "reduce and remove" tariffs on cars
Chinese news outlets also claimed both sides plan to eliminate all tariffs, which doesn't appear in the USA statement. It's more of a trade-war time out.

New Caledonia quake: Tsunami threat 'largely passed'
No damage was immediately reported , according to Vincent Lepley, crisis co-ordinator for the Red Cross in New Caledonia. Mr Rene said a tsunami warning was issued for the whole country but was later rescinded for the capital.

'Red Dead Online' Progress Won't Reset After the Beta
We had an inkling this would be the case because it's a persistent beta that's going to eventually transition into the full game. We are now still working on game stability and economy balancing for an update that we hope to release later this week.

Brady ties Manning TD record, hits 1,000-yard rushing mark
Noted clydesdale Brady reached the long-awaited 1,000 rushing yard mark in the first quarter against the Vikings on Sunday. On Instagram Monday, the Patriot quarterback said he could call it a career after reaching the milestone he most coveted.