December 3, 2018 / 7:05 PM / 2 years ago

BUZZ-Canadian oil producers move after Alberta orders output cuts

** Shares of Cenovus Energy Inc and Canadian Natural Resources Ltd up about 9 percent after Alberta mandates cuts in crude production

** Alberta government to force producers to cut output by 8.7 pct, or 325,000 barrels per day (bpd), until excess crude in storage is reduced

** In Oct, Western Canada Select (WCS) heavy blend hit a record at $52.50 below the West Texas Intermediate (WTI) benchmark due to oil glut

** CVE and CNQ have voluntarily curtailed production in recent weeks; CVE says it advocated the cuts which it believed were the only short-term solution to the supply-demand problem

** Imperial Oil Ltd down 3.8 percent, co says the supply cuts do not recognise investment decisions cos have made to access “higher-value targets”

** Shares of Husky Energy Inc and Suncor Energy Inc down marginally; Husky says cuts to have “serious negative investment, economic and trade consequences” (Reporting by Shanti S Nair in Bengaluru)

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