Alberta cuts oil production

[Hoid]

https://www.citynews1130.com/2018/12/02/alberta-cutting-back-oil-production/

Notley announces 325,000 bbl a day "exemption".

Probably a necessity at this point. Unfortunately it will be 10,000 bbl a day for each producer - which is entirely unfair for smaller producers but what can you do.

It would be fair to graduate the exemptions based on the price each producer is getting, as we now know that the large producers have the pipeline access and are getting far more money for their equally crappy product.

Its the small producers who are getting the worst of the situation

 

[MHz]

Luckily the KSA can fill the gap using Iranian tankers to deliver the oil.

 

[Kreskin]

Qatar is pulling out of OPEC. Is that a sign of things to come?

 

[Hoid]

its the decline and fall of the oil age. OPEC is a cartel that does not make sense in a time of falling prices and accelerated obsolescence.

producing nations will have to scramble now to sell as much of their shit as they can.

 

[spilledthebeer]

its the decline and fall of the oil age. OPEC is a cartel that does not make sense in a time of falling prices and accelerated obsolescence.

producing nations will have to scramble now to sell as much of their shit as they can.

========================================================================================================


POOR HOID!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!


Full of SHIT AS USUAL!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!


Paris riot cops just arrested over 400 people for rioting against higher cost of living- that is being driven by LIE-beral policies that use



carbon crap and trade taxes in a HOPELESS and failed attempt to create your Brave New World of green electric Toys!!!!!!!!!!!!!!!!!!!



European LIE-berals are of course DELIGHTED with the carbon tax- because it gives them a grand new slush fund to buy votes



with!!!!!!!!!!!!!!!!!


But there is NEVER ENOUGH LIE-beral gravy!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!


The more gravy that LIE-berals hand out- the more people they need to ROB in order to get that gravy- and the more people they



ROB- the more gravy they need to had out to recover lost supporters!!!!!!!!!!!!!!!!!!!!!!!!!!!



ALL LIE-beral policy is FAILING!!!!!!!!!!!!!!!!!!!!!!!!!!!!


Even the NDP Notley govt HAS SEEN THE LIGHT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!


OIL SALES ARE THE TRUE ECONOMIC FUTURE FOR ALBERTA!!!!!!!!!!!!!!!!!!!!!!!!!


And any political leader who wants to win an election in Alberta needs to understand that!!!!!!!!!!!!!!!!!!!!!!!!!!


Alberta NDpers are so desperate to make oil sales they have even BOUGHT a pack of railway oil cars- using their own money- no



federal subsidies here- to carry their oil to new markets!!!!!!!!!!!!!!!!!!!!


So much for the NDP dedication to carbon crap and trade scams!!!!!!!!!!!!!!!!!!!!!!!!!!!!!


That piece of NDP policy got TORPEDOED BY ECONOMIC REALITY!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!


Alberta NDpers were NEVER REALLY interested in the environment- they only supported carbon crap and trade to get at the HUGE NEW SLUSH FUNDS it would produce!!!!!!!!!!!!!!!!!!



And now the wheels have come off the Alberta economy and NDP is in serious economic trouble!!!!!!!!!!!!!!!!!!!!!!!!!


And how is it that federal NDP leader Jagmeet Singh has been SILENT on this issue?????????????????


How is it that our LIE-beral loving, socialist supporting, loonie leftist media whores HAVE NOT chased him down for a quote or three???????


And considering we tax payers OWN that $4.7 billion dollar Kinder Morgan pipline- WHY is NOBODY demanding that Sigh speak his mind about its future???????????????


Or should we assume that the media whores have recognized that both NDP and Greens will be demolished in the next federal election??????


After all- LIE-berals, Greens. and NDpers share the same now DISGRACED political policies!!!!!!!!!!!!!!!!!!!



All

 

[Decapoda]

its the decline and fall of the oil age. OPEC is a cartel that does not make sense in a time of falling prices and accelerated obsolescence.

Yeah, whatever.

Here's a partial list of products made with obsolete oil...

Solvents, Diesel fuel, Motor Oil, Bearing Grease, Ink, Floor Wax, Ballpoint Pens, Football Cleats, Upholstery, Sweaters, Boats, Insecticides, Tires, Sports Car Bodies, Nail Polish, Fishing lures, Dresses, Tires, Golf Bags, Perfumes, Cassettes, Dishwasher parts,Tool Boxes, Shoe Polish, Motorcycle Helmets, Caulking, Petroleum Jelly, Transparent Tape, CD Players, Faucet Washers, Antiseptics, Clothesline, Curtains, Food Preservatives, Basketballs, Soap,, Capsules, Antihistamines, Purses, Shoes, Dashboards, Cortisone, Deodorant, Footballs, Putty, Dyes, Panty Hose, Refrigerant, Percolators, Life Jackets, Rubbing Alcohol, Linings, Skis, TV Cabinets, Shag Rugs, Electrician’s Tape, Tool Racks, Car Battery Cases, Epoxy, Paint, Mops, Slacks, Insect Repellent, Oil Filters, Umbrellas, Yarn, Fertilizers, Hair Coloring, Roofing, Toilet Seats, Fishing Rods, Lipstick, Denture Adhesive, Linoleum, Ice Cube Trays, Synthetic Rubber, Speakers, Plastic Wood, Electric Blankets, Glycerin, Tennis Rackets, Rubber Cement, Fishing Boots, Dice, Nylon Rope, Candles, Trash Bags, House Paint, Water Pipes, Hand Lotion, Roller Skates, Surf Boards, Shampoo, Wheels, Paint Rollers, Shower, Guitar Strings, Luggage, Aspirin, Safety Glasses, Antifreeze, Football Helmets, Awnings, Eyeglasses, Clothes, Toothbrushes, Ice Chests, Footballs, Combs, CD’s & DVD’s, Paint Brushes, Detergents, Vaporizers, Balloons, Sun Glasses, Tents, Heart Valves, Crayons, Parachutes, Telephones, Enamel, Pillows, Dishes, Cameras, Anesthetics, Artificial Turf, Artificial limbs, Bandages, Dentures, Model Cars, Folding Doors, Hair Curlers, Cold cream, Movie film, Soft Contact lenses, Drinking Cups, Fan Belts, Car Enamel, Shaving Cream, Ammonia, Refrigerators, Golf Balls, Toothpaste, Gasoline......


I imagine you would probably survive about 3 days without oil. You are completely and totally reliant on oil and the products it is responsible for, and too ignorant to identify and acknowledge your complete and total dependence on it.

 

[Hoid]

And that's why Alberta can sell as much oil as they can make.


A side effect of this rather ridiculous suspension of free market principle is an uncertainty about the next rate hike. It may be cause for a pause,
https://business.financialpost.com/...could-put-poloz-january-rate-hike-in-jeopardy
I am pro pause anyway, but I am anti the entire Canadian economy being controlled by Alberta. It'd be like having Harper back in office

 

[Twin_Moose]

When the industry is asking the Gov. to stay out and let the free market do it's job there is something afoot, I'm thinking the Alta. Gov. is trying to maximize it's royalties and has nothing to do with clearing glut.

Alta is in serious debt trouble where as Sask. is going to announce a balanced budget this spring.

Alta. opposition leader Jason Kenney wants Sask. to cut oil production

Jason Kenney would like to see Saskatchewan oil producers follow its lead and slow down oil production.
On Sunday, Alberta Premier Rachel Notley announced the province would implement a temporary 8.7 per cent production cut starting next month. The move is meant to combat steep discounts currently placed on Alberta oil.
Kenney, leader of the opposition United Conservative Party believes Saskatchewan should also cut production.
"We would also recommend that the government of Alberta reach out to our counterparts in Saskatchewan to ask that they follow suit," he said.
"We would hope that producers outside of Alberta would understand that they would need to be part of the solution in saving jobs."
The production cuts are an attempt to address the difference in the price of Western Canadian Select oil relative to the benchmark West Texas Intermediate (WTI). That gap hit around $50 in late October due to a lack of pipeline capacity to get Alberta oil to market.
The cuts will affect about 25 larger bitumen and conventional producers in Alberta. Larger producers will see their first 10,000 barrels exempted each day. Companies that produce less than 10,000 barrels a day will not be affected by the daily cuts.
Kenney said that not all of Saskatchewan's oil production would be effected.
"It's true that some of it down in the Bakken Reserve in southeast Saskatchewan is integrated into the U.S. market," he said. "It does not face the same differentials."
Premier Notley told reporters the province would be measuring the effect of the cuts each month to make sure production is not lower than necessary.
The Alberta government said it believed industry would not voluntarily make the cuts after sending three envoys to talk to small and large producers.
While some large oil producers agreed with the cuts, others weren't happy, stating that the move could have unintended consequences in the industry.

 

[Twin_Moose]

'Devil will be in the details': Oil production cuts met with mixed reviews from industry players

Alberta will be ringing in the new year by slashing crude oil and bitumen production in the province.
The cuts, announced Sunday by Premier Rachel Notley in Edmonton, have received vocal support from all of Alberta's political parties, but garnered a decidedly mixed reaction from the larger players in the oil industry.
"I would say the very large ones with established supply chains during these sorts of constraints are probably not going to be all that happy," said Peter Tertzakian, an economist with ARC Energy Research Institute.

Two of the biggest players in Alberta — oilsands and refining firms Suncor Energy Inc. and Husky Energy — issued statements Sunday saying they plan to comply with the province's production regulation, but expressed concerns over the potential consequences that could come from government intervention.
Watch Notley's oil production cut announcement:
Imperial Oil's chief executive Rich Kruger said in a statement they "respectfully disagree" with the decision taken by the Alberta government.
"Our view remains that free markets work and intervention carries trade risks and sends a negative message to investors about doing business in Alberta and Canada. Unfortunately, this intervention appears not to recognize the investment decisions companies have made to access higher value markets," he said.
In a statement, Huskey Energy said also expressed support of the free-market system, saying they believe the market is working and they worry government-ordered curtailment or other interventions could have serious investment, economic and trade consequences.
"The devil will be in the details, and we'll work with the government on implementation with a view to minimizing negative consequences," the statement read.
'Difficult, but necessary'
Notley had been under pressure to intervene in the industry that's faced with pipeline challenges and a historically high price differential she says is costing the national economy $80 million per day.
"Albertans are unable to transport much of the oil that we produce to market through modern, well-regulated pipelines. As a result we must sell our oil at a discounted price. In the last few weeks this price gap has reached historic highs because we are producing considerably more product than there is transport capacity," Notley said Sunday.
Watch Notley explain why she believes production cuts are necessary:
The cuts, which she called a short-term solution, will see capacity cut by 8.7 per cent, or about bout 325,000 barrels per day. She said daily cuts will remain in place until the 35 million barrels of processed oil currently in storage is shipped to market.
Cenovus Energy called the decision "difficult, but necessary" in a statement issued after Notley's announcement Sunday.
"Under normal circumstances, oil and gas producers would never advocate for government intervention in the market but these are not ordinary circumstances," president and CEO Alex Pourbaix said.
"While support for temporary mandatory production cuts was not unanimous among Alberta oil and gas companies, acknowledgement of the severity of the crisis facing our industry was."
Derek Evans, the CEO of MEG Energy, said he was pleased to hear small producers would be protected under the plan.
"Very positive, impressive leadership by the premier," he said. "Well thought-out, quick implementation, temporary measure with a clear and well-defined endpoint."
Only 25 of the larger bitumen and conventional oil producers will be affected by the cuts. The larger players will see their first 10,000 barrels exempted each day. Companies that produce less will not be affected.

 

[spilledthebeer]

And that's why Alberta can sell as much oil as they can make.


A side effect of this rather ridiculous suspension of free market principle is an uncertainty about the next rate hike. It may be cause for a pause,
https://business.financialpost.com/...could-put-poloz-january-rate-hike-in-jeopardy
I am pro pause anyway, but I am anti the entire Canadian economy being controlled by Alberta. It'd be like having Harper back in office

++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++


POOR STUPID HOID!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!


He talks about free market principles and ignores the deliberate road blocks that Our idiot Boy and his loser LIE-berals have created to ENSURE that Alberta cannot sell its oil!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!



Such hypocrisy will DESTROY the LIE-beral party!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!


And no neither Greens nor federal NDPers under Jagmeet Singh will be there to pick up the pieces because NDPers and Greens are the less intelligent cousins of LIE-berals!!!!!!!!!!!!!!!!!!!!!!!!!


And is it not ODD that none of our loonie leftist loving, socialist supporting news media whores have BOTHERED to ask either Liz May or Jag SinghWHAT THEY THINK OUGHT TO BE DONE????????????????????


Both the socialist imbeciles aspire to lead Canada so SURELY they should be speaking about this crisis??????????????????



UNLESS OF COURSE- that I am right in assuming the socialist air heads would make an EVEN BIGGER ECONOMIC MESS than the ones we are currently contemplating!!!!!!!!!!!!!!!!!!!!!!!


And here is a thought GOOD FOR A BITTER LAUGH::


Our idiot Boy and his LIE-beral losrs whined that Harper Conservatives left a $1.5 billion dollar federal deficit- due entirely to falling oil prices!!!!!!!!!!!!!!!!!!!!!!!!!


And yet Our idiot Boy and his loser LIE-berals are running a TWENTY BILLION DOLLAR DEFICIT- due in only a small way- to falling oil prices!!!!!!!!!!!!!!!!!!!!



Fonsidering the scale of LIE-beral spending madness- we may ask HOW MANY CDNS WANT HARPER BACK IN 2019?????????


The answer is one that keeps LIE-berals awake at night!!!!!!!!!!!!!!!!!!!!!!!!!!!!!


HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

 

[Hoid]

and.....Alberta oil up $10 a bbl.

there you go

socialism works

 

[spilledthebeer]

and.....Alberta oil up $10 a bbl.

there you go

socialism works

========================================================================================================


POOR STUPID HOID!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!


HE STILL MISSES THE POINT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!


It was capitalism that prompted Kinder Morgan to start on their pipeline- which would have solved the issue of getting Cdn oil to new



markets- that would rather deal with democratically governed and capitalist minded Cdns rather than with Russians or Arabs!


Trump has been logical and scolded Germans for signing a multi billion dollar gas deal with Russian socialist bullies!!!!!!!!!!!!


The often scorned Trump thinks we would all be better off buying our gas from Capitalist countries rather than socialist dictators- and HE IS RIGHT!!!!!!!!!!!!!!!!!!!!!



And Our idiot Boy Justin has attacked the Saudis for being dictators- yet Our idiot Boy would rather buy oil from Saudis than from capitalist Alberta!!!!!!!!!!!!!!


And Our idiot Boy is a hard core socialist- hence his determination that we should also keep buying oil from socialist Pest Hole Venezuela!!!!!!!!!!!!!!!!!!!!!!!!!


It was socialism that prompted LIE-berals to buy Kinder Morgan pipeline and shut down construction- UNTIL AFTER LIE-berals are defeated in the next election!!!!!!!!!!!!!!!!!!!



And it will be capitalism that completes Kinder Morgan pipline and offers the oil to people who would rather deal with capitalist and democratic Canada that some third world pest hole like Moscow!!!!!!!!!!!!!!!!!!!!!


And is it not amazing the kind of stuff that HOID LEAVES OUT of his posts??????????


Yesterday he was crowing about the death of OPEC and the oil industry just because QATAR has chosen to leave OPEC!!!!!!!!!


What HOID does not mention is that QATAR is the worlds largest exporter of liquefied natural gas!!!!!!!!!!!!!!!!!!!!!!


QATAR is hardly a sign of the coming of moudly green energy!!!!!!!!!!!!!!!!!!!!!!!!!!!



QATAR does produce oil as well but its production amounts to less than 2 percent of the daily OPEC oil shipments!!!!!!!!!!!!!!!!!!!


For QATAR- oil is penny ante crap which they can ignore while the price is low!!!!!!!!!!!!!!!!!!!!!!


QATAR is hardly a sign of the death of the oil industry that HOID wants to present it as!!!!!!!!!!!!!!!!!!!!!!!!!!!!


But- is it capitalism or socialism that prompts Alberta NDP to shut down a portion of oil production- to drive up the price- using free market forces?????????


NDP desperately NEEDS MORE GRAVY to buy votes from its civil service union Hogs!!!!!!!!!!!!!!!!!!!!!!!!!!!


So it IS socialism that prompts NDP and LIE-berals to BUY those Hog votes......................


But it IS capitalist bankers that forces NDP and LIE-berals to put some modest limits on their mad spending!!!!!!!!!!!!!!!!!!!!!!!!!!!!


Oh what a TANGLED WEB we end up with when SOCIALISTS LIKE HOID and his LIE-beral/NDP pals practice to deceive!!!!!!!!!!!