As OPEC’s tentative deal falls short, Canadian producers fear 1.7 million barrels a day will be shut in

CALGARY — As OPEC member countries and Russia were making a deal to cut 10 million barrels of daily oil production Thursday, RBC Capital Markets analysts expect Canadian oil producers to be forced to cut back roughly a third of total domestic oil production — or 1.7 million bpd.

“Canada is heading into an unprecedented meeting of G20 Energy Ministers this Friday, and a united approach puts us in the best position to support our workers and our economy,” O’Regan said in an email, noting that the oil price collapse has had a “devastating impact on Canada’s oil industry and its workers.”RBC’s Michael Tran Alberta’s energy minister was also taking part in Thursday’s negotiations among OPEC and other oil-producing countries about curbing bloated global supplies.

Canadian crude is priced as “some of the cheapest barrels on the planet,” RBC Capital Markets managing director, global energy strategy Michael Tran said Thursday, adding that to balance the market, he expects domestic oil producers to cut between 1.1 million to 1.7 million bpd of production. The plan included cuts of about 5 million bpd from producers outside the group known as OPEC+ and could be made gradually, as the group seeks to overcome resistance from the United States whose involvement they see as vital to a deal.

The collapse across the oil value chain has caused producers to shut in production and caused some companies, such as Calgary-based Husky Energy Inc., to reconsider previous asset sales.

....says Lonny, as he awaits federal handout $ so he can pack his Toyota and move back to parents’ basement in New Brunswick....

Yes this is an awesome win for the environment

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