Suncor Energy Inc. is assessing the impact of the Alberta government’s move to reduce oil production next year. (Photo by THE CANADIAN PRESS)

Suncor assessing impact of Alberta’s move to cut oil production next year

CALGARY — Suncor Energy Inc. says it’s assessing the impact of the Alberta government’s move to curtail oil production next year.

The company says the specific impact of the production cut will be provided when it issues its 2019 capital and production guidance.

The Alberta government announced a plan Sunday to impose across-the-board oil production cuts to reduce a glut of oil that has helped increase the discount the province’s oil fetches compared with the North American benchmark. The anticipated regulations will require oil producers to reduce their production effective Jan. 1, 2019.

Cenovus Energy Inc. proposed the idea of a production cut last month, however several large players in the oilpatch have been opposed to involuntary cuts.

Suncor, Imperial Oil Ltd. and Husky Energy Inc. whose refining assets and firm pipeline contracts allow them to avoid most local price discounts have opposed the idea of mandatory production curtailments.

Suncor says it believes the market is the most effective means to balance supply and demand and normalize differentials.

Just Posted

Three teenage boys in hospital after opioid overdoses at Alberta house party

STRATHMORE, Alta. — Police suspect three teenage boys who are in critical… Continue reading

Poll suggests Canadian trust in science falling, scientists thought ‘elitist’

A survey suggests that the trust Canadians place in science may be… Continue reading

Trudeau attacks troika of Tories in first salvo for federal battle for Ontario

OTTAWA — Liberal Leader Justin Trudeau fired the first shot in Monday’s… Continue reading

Global postal union meets amid Trump threat to pull US out

GENEVA — The effects of President Donald Trump’s standoff with China could… Continue reading

Your community calendar

Tuesday Bower Place Community Association Seniors Card and Coffee party at 1:30… Continue reading

Police investigating homicide after woman found dead in residential building in Winnipeg

Winnipeg police say they are investigating a homicide after a woman was… Continue reading

Samsung’s folding phone hits the US

NEW YORK — Samsung’s folding phone is finally hitting the U.S. Samsung… Continue reading

Thomas Cook collapse means headaches for Transat as partnership deal dies

MONTREAL — Tour operator Transat Inc. says it could face fallout from… Continue reading

Mikkelson sees evidence of success in women’s hockey showcase in Toronto

TORONTO — Two-time Olympic gold medallist Meaghan Mikkelson woke up in her… Continue reading

Canada downs Mexico 109-53 in women’s basketball AmeriCup opener

SAN JUAN, Puerto Rico — Jamie Scott had 21 points, including five… Continue reading

Pink and red combos, Hollywood gold on the Emmys carpet

NEW YORK — Julia Louis-Dreyfus stunned in classic Hollywood gold, Zendaya donned… Continue reading

‘Everest has not gone away:’ Sharon Wood tells story of historic summit in book

CANMORE, Alta. — More than three decades after becoming the first woman… Continue reading

Most Read