Rachel Notley says Alberta easing oil production restrictions
Posted Jan 30, 2019 2:51 pm.
Last Updated Jan 30, 2019 3:27 pm.
This article is more than 5 years old.
CALGARY – Premier Rachel Notley says Alberta is easing oil production restrictions imposed at the beginning of the year to address slumping oil prices.
Notley says storage levels in the province have dropped ahead of schedule so she’s raising the production cap to 3.63 million barrels per day in February and March — an increase of 75,000 barrels per day from current limits.
She says her decision to impose temporary production limits has been instrumental in helping to reduce a glut of oil in storage that had led to Alberta resources being given away for pennies on the dollar.
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But Notley says the province isn’t out of the woods yet, and she continues to work on longer-term solutions, including efforts to boost rail shipment capacity and a continued fight for pipelines.
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Last week, oilpatch giant Canadian Natural Resources Limited, which initially supported the strategy, said changes to the formula set to begin in February unfairly targeted the company and would hurt jobs.
