Oil Sands Output Cuts Unlikely Despite Sliding Crude Price
OTTAWA (Dow Jones)--The plunge in oil prices has forced the first output cut in Canada, but shutdowns across the country's abundant oil sands are a distant prospect.
Earlier this week, Connacher Oil and Gas Ltd (CLL.T) said it will nearly halve output from its Great Divide oil sands project to 5,000 barrels a day indefinitely. The development in northern Alberta had been producing around 9,000 barrels a day of the sludgy bitumen, which sells for less than benchmark light, sweet crude due to its poor quality.