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Oil Sands Operators Scale Back with Low Prices
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Canadian heavy crude based projects could be under threat as heavy crude prices slide near $40 bbl, according to a report from Bloomberg.
Imperial Oil is increasing output at Kearl to 110,000 bbl/d after a shutdown last month. Enbridge Inc had to apportion space on the spearhead pipeline, which moves crude to Cushing after demand overtook pipeline capacity.
Western Canadian Select is at $42.51 bbl, the lowest since 2009. Cenovus energy is lowering their budget to $2.5 Billion, down from $3.0 Billion last year. Canadian Natural Resources may also scale back investment plans if oil prices remain at their current levels.
Dinara Millington, the vice president of research at Canadian Energy Research Institute in Calgary, said: "Any production that’s currently under construction is at risk…
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