February cuts will be at same level as January
Alberta is holding course on its production cut plan even though the program has already achieved one of its primary goals, based on a release today.

The province’s production cut plan requires all major oil companies to cut output, starting January. The cuts are intended to fade away over time, with the government gradually decreasing the curtailment. While producers were required to cut 325 MBOPD in January, this level is expected to decline to 95 MBOPD through the year, with the program ending in 2019.

Companies hoping for the government to quickly ease the cuts will be disappointed, however, as the requirement for February will be unchanged from the January level. Producers have rece...

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