Alberta premier Rachel Notley is hosting a news conference Tuesday to announce next steps in the province’s plans to get “full value” for its oil resources.
Notley will be joined by Energy Minister Margaret McCuaig-Boyd and Deron Bilous, minister of economic development and trade.
CBC is livestreaming the conference at 12:15 p.m.
Due to a lack of pipeline capacity to get its oil to market, Alberta sells its oil at a discount, leading to a loss of $80 million a day, according to the government.
The difference in the price of Western Canadian Select oil relative to the benchmark West Texas Intermediate climbed above $50 in late October.
Last week Notley announced a temporary 8.7-per-cent oil production cut, a decrease of 325,000 barrels a day, in the production of raw crude oil and bitumen. The production cut will take effect Jan. 1.
The Alberta government also expects to acquire locomotives and rail cars by the end of next year to transport 120,000 barrels of oil and bitumen to market each day.