Suncor Energy calling on Alberta to end mandatory production cuts

By The Canadian Press
February 7, 2019 - 6:55am

CALGARY- Suncor Energy is calling on Premier Notley to end mandatory production cuts imposed on January 1st because it says they've worked too well.

Company CEO Steve Williams says the program designed to draw down crude storage and correct a deep price discount for Alberta crude fixed the problem very quickly -- and then over-corrected to the point where shipping crude by rail to the United States is no longer financially sustainable.

The same charge was levelled last week by Imperial Oil CEO Rich Kruger, who said his firm would cut its crude-by-rail shipments to near zero this month.

Williams also says the production cuts are having a long-term negative affect on investor confidence in Canada.

(The Canadian Press)

Market Watch - February 8, 2019

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