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In the news today, Dec. 3
Three stories in the news for Monday, Dec. 3
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ALBERTA SLASHING OIL PRODUCTION TO HELP DEAL WITH LOW PRICES
Premier Rachel Notley is ordering a cut to oil production to deal with a price crisis that she says threatens to gut Alberta’s bedrock industry. She says the province will impose across-the-board cuts amounting to 8.7 per cent of output, beginning in January. Notley says the cuts are needed to reduce a growing glut of oil that’s forcing Alberta to — as she put it — essentially give its oil away for free. While the rest of the world sells its oil for about $50 per barrel, Notley says Alberta oil is currently fetching just $10.