Attack on Saudi Aramco’s processing facility in Abqaiq pushed crude prices up more than 14% Monday.
A weekend attack on key oil facilities in Saudi Arabia caused the worst disruption to world supplies on record.
Effective June 1, the province will allow 3.71 million barrels per day to be produced.
Analysts also expect investor interest in prospects for crude-by-rail shipments.
Crude-by-rail exports have spiked over the past year amidst a pipeline shortage and a big discount on Western Canadian Select oil.
Provincial curtailments of 325,000 barrels per day aim to relieve a glut and free up export pipeline space.
Trudeau has said many times the pipeline is going to be built.
It is a package based, in some ways, on those offered to softwood, steel and aluminum producers.
Oil sands producer will ramp up capital spending if prices improve and stabilize, and there’s clarity on market access.
The province has already started talks with a third party to buy enough rail cars and locomotives to put two more oil trains a day on the tracks.
The bump was attributed to higher oil prices and streamlined operations.
Alberta premier notes huge cost increases if the US slaps a border adjustment tax on Canadian energy.
Energy agency says next few weeks will be crucial in determining if production cuts are being implemented.
Bank of Canada’s Stephen Poloz still believes a successful transition will happen – albeit slower than expected.
Excess supply has forced producers to work hard to bring costs down.