Limits to Alberta’s oil production have been eased following an increase in prices, the provincial government has announced.
The curtailment on production, by 8.7 per cent, helped reduce the amount of oil in storage, the province said in a news release Wednesday.
“We’re not out of the woods yet, but this temporary measure is working,” Premier Rachel Notley said in the statement.
“While it hasn’t been easy, companies big and small have stepped up to help us work through this short-term crisis while we work on longer-term solutions, like our investment in rail and our continued fight for pipelines.”
The production limit was announced in December. Since then, storage levels have dropped ahead of schedule, Notley said, by five million barrels, leaving 30 million barrels in storage.
More to come.