• Sign up for the Daily Digest E-mail
  • Facebook
  • Twitter
  • LinkedIn

BOE Report

Sign up
  • Home
  • Headlines
    • Latest Headlines
    • Columns
    • Discussions
  • Well Activity Map
  • Property Listings
  • Land Sales
  • M&A Activity
    • M&A Database
    • AER Transfers
  • Markets
  • Rig Counts
    • CAODC Rig Count
    • Baker Hughes Rig Count
    • USA Rig Count
  • Industry Data
    • Canada Well Licences
    • USA Market Data
    • Data Subscription
  • Jobs

Alberta open to potential global oil cut deal -premier

April 2, 20203:19 PM Reuters0 Comments

Alberta Premier Jason Kenney and Energy Minister Sonya Savage
The Canadian province of Alberta, home to the world’s third-largest oil reserves, is open to joining any potential global pact to reduce a glut of crude production, Premier Jason Kenney told Reuters on Thursday.

“We would certainly look at it, but really it’s the Saudis and the Russians here who are the problem, not Canada,” Kenney said in an interview. Alberta has limited its oil production since January 2019.

“If we see an effort at a global reduction in production, we would be open to further measures on our part,” Kenney said.

U.S President Donald Trump said on Thursday he had brokered a deal with Russia and Saudi Arabia to cut crude output and arrest an oil price rout amid the global coronavirus pandemic, though details of how a cut would work were unclear.

Canada, the world’s fourth-largest producer, produces some 4.8 million barrels of oil per day, mostly in Alberta.

Kenney said last week that further mandated cuts in Alberta alone made no sense because low prices amid the Saudi-Russia price war were resulting in voluntary curtailments.

On Thursday, he said a broader effort was appealing.

“The current price environment is unsustainable and could do deep damage to North American energy production in particular,” Kenney said. “I hope cooler heads prevail.”

Kenney has spoken recently with U.S. legislators about potentially managing North American energy production, but Trump was not planning to ask U.S. oil producers for coordinated cuts, according to a senior administration official.

Kenney said he has not spoken with oil-producing countries about coordinating oil cuts, and declined to say how much more crude Alberta would be willing to reduce.

“We’re not like the Saudis, we can’t just dump oil on global markets,” Kenney said. “They’re the ones who started the fire in global oil markets and they’ve got to put it out.”

Follow the BOE Report
  • Facebook
  • Twitter
  • LinkedIn
Sign up for the BOE Report Daily Digest E-mail
Latest Headlines
  • Canada unveils GHG reduction credits to boost carbon trading market
  • Canada’s weekly rig count drops 5 to 172
  • AER suspends SanLing Energy Ltd.’s operations
  • U.S. drillers add oil and gas rigs for second week in a row
  • Tamarack Valley Energy upsizes previously announced financing

Return to Home
Alberta Gas
CAD/GJ
Market Data by TradingView





    Note: The page you are currently on will be sent with your report. If this report is about a different page, please specify.

    About
    • About BOEReport.com
    • In the News
    • Terms of Use
    • Privacy Policy
    Resources
    • App
    • Widgets
    • Notifications
    • Daily Digest E-mail
    Get In Touch
    • Advertise
    • Post a Job
    • Contribute
    • Contact
    • Report Error
    Featured In
    • CamTrader
    • Rigger Talk
    Data Partner
    • Foxterra
    BOE Network
    © 2021 Grobes Media Inc.