Alberta crude oil curtailments remain unchanged despite price recovery
CALGARY — Alberta Energy Minister Marg McCuaig-Boyd says the province is leaving its oil curtailment levels at 325,000 barrels per day for now despite discounts for western Canadian crude that have narrowed to three-and-a-half-year lows.
According to Net Energy Exchange, the difference between bitumen-blend Western Canadian Select and New York-traded West Texas Intermediate was about US$8.25 per barrel on Wednesday, the last day of the trading cycle for barrels to be delivered in February.
The North American oil brokerage reports the discount was US$6.95 per barrel last Friday, the lowest level since June 15, 2015, and a substantial improvement over a peak of more than US$52 a barrel in October.
The differential recovered to traditional norms in the mid-teens or better in December after Alberta announced it would impose curtailments as of Jan. 1 to free up export pipeline space.