Alberta’s energy minister, Sonya Savage, has informed OPEC that the province has cut a quarter of their daily oil output, or around 1 million barrels per day (bpd). The Canadian province of Alberta is ranked third in the world’s oil reserve volume. Savage said that additional output adjustment isn’t currently in need as the production has come down. Adjustments have been made prior to Coronavirus outbreak, lack of pipeline capacity and distribution issues of moving the production out of the region.
Canada also considering additional production cuts if oil prices downtrend sustained. Energy minister Sonya Savage also aspires that Alberta continues to take part in future OPEC+ dialogue to balance the oil markets. According to OPEC+ meeting last April, the petroleum exporting countries and other large oil producers conclude to cut their May-June output by almost 10% of global oil production, or approximately 10 million barrel per day.
