The Alberta government says it will stop setting monthly oil production limits in a bid to create jobs and to use available pipeline capacity. The government will extend its regulatory authority to curtail oil production through December 2021, the province said. Since January 2019, production limits, which align production with export capacity, have aimed to protect the value of Alberta oil and prevent Canadian crude from being sold at discounted prices. In August, Alberta production was 3.10 million barrels per day, significantly less than the 3.81 million barrels per day curtailment limit. According to the Canada Energy Regulator most, but not all, western Canadian oil production has been restored after cuts triggered by low prices amid the pandemic.

Source: CBC News October 23, 2020 13:04 UTC