One of the large Canadian oil producers, Cenovus Energy, is calling upon the government of Alberta to mandate temporary production cuts at all drillers in a bid to ease Canadian bottlenecks that have resulted in Canada’s heavy oil prices tumbling to a record-low discount of US$50 to WTI. The province of Alberta, the heart of Canada’s oil sands production, has the necessary legislation to have all producers agree to production cuts and it needs to use it now, Cenovus said in an emailed statement to Bloomberg . “This is an extraordinary situation brought on by extraordinary circumstances,” Cenovus says. “The government needs to take this immediate temporary action — which is completely within the law — to protect the interests of Albertans,” the company’s email to Bloomberg reads. Western Canadian Select (WCS) —the benchmark price of oil from Canada’s oil sands delivered at Hardisty, Alberta—has dropped to a record […]