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Canada's Unprecedented Oil Cut Plan Boosts Crude, Stocks

  • Alberta to reduce its production by 325,000 barrels a day
  • Oil ‘being sold for pennies on the dollar’: Premier Notley
Bloomberg business news
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Alberta’s announcement that it will cut oil production next year to bolster prices sent crude soaring and boosted shares of Canadian producers.

The unprecedented move by the country’s largest oil-producing province is aimed at easing the crisis in the nation’s energy industry. The plan announced on Sunday will lower production of raw crude and bitumen from Alberta by 325,000 barrels a day, or 8.7 percent, from January until excess oil in storage is drawn down. The reduction would then drop to 95,000 barrels a day until the end of next year at the latest.