Canadian producers reduced output in 1Q.

摘要

According to Canada's National Energy Board, crude production in the country was down by about 2.5% in 1Q 2016, as low prices and an accident at Nexen's Long Lake facility combined to shut in close to 100K b/d. Outright prices for Canadian crudes hit record lows on Jan. 19, with Western Canadian Select falling to $15.40/bbl and Syncrude Sweet Premium at $29.35/bbl, both the lowest prices the grades have seen since Platts began assessing them in 2006. As a result, a number of companies—including Husky, Baytex, Pengrowth, and Black Pearl—curtailed production where practical, shutting in about 48K b/d. Additionally, Nexen's Long Lake project has been offline since an explosion in Jan.—no word on when regulators will allow operations to resume—shutting in another 50K b/d.