Canada’s Output Cuts Are A Positive Thing

First, they said the production curtailments will remain in place until some 35 million barrels of excessive inventories are cleared. Then they said producers only need to wait until Enbridge’s Line 3 is commissioned at the end of 2019, creating a new conduit for ever-increasing Canadian production. This was all in December 2018 when then-Alberta premier Rachel Notley introduced mandatory output constraints for all major producers. In September 2019, the new Alberta Premier Jason Kenney and his government declare that the production quotas…