Alberta’s Premier Rachel Notley announced that the government of the province will enact an 8.7-percent crude oil production cut to clear excess stockpiles as pipeline bottlenecks have plunged the selling price of Western Canadian grades to deep discounts against West Texas Intermediate. Reuters reports the cut will remove 325,000 bpd from Alberta’s average daily production rate but it will only be in place for a short while, until the glut clears. Once this happens, the cut will be reduced to 95,000 bpd, to remain in place until the end of next year. Canada’s biggest oil producer has been struggling to get its crude to markets, and last month the chief executive of Cenovus called on the provincial government to intervene and institute a production cut as a last resort. “We’re probably producing about 200,000 or 300,000 barrels per day of oil in excess of our ability to get that […]