Because of that, Alberta, which is the heart of Canada's oil sands region, ordered producers to cut output by 325,000 BPD until oil storage levels there start falling, which represents 8.7% of the country's current production rate.
Western Canadian Select's discount to US benchmark West Texas Intermediate narrowed $6 to $23 a barrel as of 3:51 p.m.
The steep discount has stripped billions of dollars from the Canadian economy by some estimates, and at one point Canadian oil was selling for more than $50 less than US oil traded on futures markets.
Alberta now produces 190,000 barrels a day more than can be shipped and has twice the normal levels of oil in storage - a total of 35 million barrels.
"It should always be kept in mind that oil is a global industry, and moves in the benchmark WTI price can outweigh changes in the spread, leaving Canadian producers in the lurch", said Brian DePratto, a senior economist at TD Bank Group.
The premier made the announced in Edmonton on Sunday, adding that the federal government was to blame for the high oil price differential that has driven the price of Alberta crude to almost $45 below the world price for oil.
The government of Alberta is taking action to ease a regional glut of oil brought on by the continued delays of much-needed oil pipeline projects.
Australia's bowlers face heavier burden against India
Human headline Kohli is dominating Indian angles in the build-up to the Test series against Australia starting Thursday. Archie Schiller joined the team in their practice session before the first Test of the 4-match series against India .
China Temporary Trade Truce
USA president Donald Trump took to Twitter to make the announcement, suggesting that the current tariff is at 40 percent. Tariffs on $200 billion of Chinese products had been set to jump from 10 percent to 25 percent after January 1, 2019.
Canadian crude producers saw a spike in early trading Monday, as did heavy oil prices.
The production curbs announced by Alberta targets producers that pump out more than 10,000 bpd, or just 25 of the roughly 300 oil companies now operating in the province. They're seeing the differential hurting their prices. That gap hit around $50 in late October due to a lack of pipeline capacity to get Alberta oil to market.
- Canadian Dollar rises broadly as oil markets rebound on Monday.
Watch below: (From Dec. 3, 2018) For the first time in a generation, the Alberta government will impose a cap on the amount of oil that industry is allowed to produce.
"We are at an historically crucial point in terms of how tight this infrastructure is", Oberstoetter said. The reduction would drop to 95,000 barrels a day by the end of next year.
While the government isn't helping with the rail vehicle purchase and had no new funds for oil and gas in its fall fiscal update, Natural Resources Minister Amarjeet Sohi did reveal on Friday that he had asked the National Energy Board to evaluate whether Canada's pipelines are being used to their full capacity. Alberta is now looking to buy trains to move oil out of the province. "They've seen ups and downs - they've never seen anything like this before", he told CTV's Power Play on November 28. However, the Imperial and Husky companies said Friday that they opposed non-voluntary production cuts but supported the rail investments because that could help improve market access.
"A crisis of this magnitude must be reflected in any discussion on "economic competitiveness.' We trust that the agenda for our upcoming first ministers" meeting can be revised to better reflect the need for a substantive discussion on issues of critical importance to the Canadian economy".
The band took a hiatus in 2008 so Rucker could pursue a solo career in country music, which led to a Grammy in 2013. Hootie and the Blowfish are coming to the Great Jones County Fair on Friday, July 19, 2019.
The legislation would also require legislative approval to withdraw from lawsuits, taking that away from the attorney general. An amendment to do away with that provision was part of a Republican rewrite of the bill, made public around 4:30 a.m.
Showtime Sports President Stephen Espinoza said May or June might be more likely, giving the fighters more time to recover. Fury" epilogue episode. "I want to give Tyson Fury the rematch ASAP". "I pressed that too much".
Huawei Mate 20 Pro, being a flagship smartphone, boasts all the bells and whistles that smartphones today have to offer. The few details to be learnt will include the size of the battery; if there is the wireless charging feature and so on.
Including playoffs, that is 579 touchdowns for Brady, which ties him with Peyton Manning for most all time. Running for it, made a good third down on that one, and I just give a lot of credit to the offensive line.
HUL, through its significantly larger distribution network of over 7 million outlets, could further drive penetration, it said. Following completion of the transaction, which is expected by the end of 2019, GSK intends to sell down its holding in HUL .
The picture was posted on Twitter by Bush family spokesman Jim McGrath, along with the caption: "Mission complete". Sully the dog will be travelling with the casket on the flight from Texas to Washington DC on Monday.
One child was killed and 40 others were injured when a charter bus overturned, police said. This is a breaking news story and will be updated as more information becomes available .
Need a flu shot? Here's how to get one
The flu is a contagious respiratory illness that can cause mild to severe infection in the nose, throat, and lungs. Influenza antiviral drugs can be a second line of defense for treatment of some who get sick with the flu.
South Korea's Moon still hopes to host Kim this year
The South Korean daily Hankyoreh reported that Moon was angry about press reports claiming discord between the us and South Korea. Also, working on his North Korea diplomacy, the president met with the leaders of the Netherlands and South Afirca.
Bulls fire Hoiberg, promote Boylen to head coach
Derrick Rose , Jimmy Butler , Pau Gasol and Nikola Mirotic were among the departures as the Bulls tried to find the right formula. Hoiberg went 115-56 at Iowa State, including four straight NCAA Tournament appearances and back-to-back Big 12 tournament titles.
Canada arrests Huawei CFO on request of U.S. authorities
In a statement, Huawei says Meng is being sought for extradition to face unspecified charges in the Eastern District of NY . Huawei said it has received "very little information regarding the charges and is not aware of any wrongdoing by Ms.
Patriots react to Bill Belichick-Adam Thielen exchange
So the Patriots waited. "Seven guys running, eight guys catching - that makes it hard for them to defend us", he said. The Vikings have the fourth-fewest rushing attempts and the third-most passing attempts in the NFL.
Salman Khan tops in Forbes India Celebrity 100 List
Bollywood diva, Deepika Padukone bagged fourth position with the earnings of Rs. 114crore for Sanjay Leela Bhansali's Padmaavat . Deepika Padukone is the first woman celebrity who is in the top 5 with earnings of Rs 112.8 crore.
Rahm breezes to Hero World Challenge title
Stenson almost rallied from a seven-shot deficit in 2016, only to finish toward the bottom of the pack a year ago . After winning the Challenge, Rahm admitted that he grew up watching and learning from Tiger Woods .
Microsoft to kill Edge browser on Windows 10 soon
As to whether the interface will be radically changed or not, we do not know, but we can expect some change on that front as well. It seems as Microsoft is finally ready to throw in the towel in the internet browser fight and end its battle with Google Chrome.
Red Dead Online won't reset progress after beta
The game was developed to help speed up the roll-out of patches and adjustments according to the statement. Players have been offering their feedback about Red Dead Online since the online beta released last week.