Alberta Eases Crude Cuts as Prices Surge and Producers Suffer
- Canadian province raised production target for February-March
- Increased to 3.63 million barrels a day from 3.56 million
Photographer: Jimmy Jeong/Bloomberg
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Alberta is easing mandatory oil curtailments after prices for heavy crude from the Canadian province surged while producers were getting exasperated.
The new target for output next month will be 3.63 million barrels a day, up from 3.56 million in January, the provincial government said in a statement Wednesday. Inventories have dropped by 5 million barrels, reducing a glut that depressed prices. The discount on heavy Canadian crude to the U.S. benchmark widened after the announcement to $9.50 a barrel from $8.60 earlier, according to traders.