Alberta to force oil output cuts to deal with price woes

• by CNBC Wire
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Dec 2 (Reuters) – Alberta Premier Rachel Notley said on Sunday that the Western Canadian province would mandate short-term oil production cuts to deal with a pipeline bottleneck that has led to a glut of crude in storage and driven down Canadian crude prices.

The left-leaning New Democratic Party government will force producers to cut output by 8.7 percent, or 325,000 barrels per day (bpd), until the excess crude in storage is drawn down. The cuts will then drop to 95,000 bpd until Dec. 31, 2019. (Reporting by Julie Gordon in Vancouver; Editing by Peter Cooney)