Is That OPEC Cutting the Oil Supply? No, It's Canada
Dec.06 -- Alberta made an unprecedented move: it will cut oil production next year to bolster prices. The country’s largest oil-producing province is aimed at easing the crisis in the nation’s energy industry. The plan announced will lower production of raw crude and bitumen from Alberta by 325,000 barrels a day, or 8.7 percent, from January until excess oil in storage is drawn down. The reduction would then drop to 95,000 barrels a day until the end of next year at the latest. Bloomberg's Alix Steel and Kevin Orland discuss Alberta's decision.