Canadian crude oil is already expensive enough for the production cuts to stop making sense: some producers have already started rolling them back far ahead of schedule. This is what the chief executive of one of Alberta’s largest oil players, Suncor, said during a conference call about the company’s latest financial results. Suncor, unlike other Canadian oil producers, was against the cuts from the beginning. “Our position is that government intervention in the market would send the wrong signals to the investment community regarding doing business in Alberta and Canada. And we really do need to take a long-term view and allow the market to operate as it should,” a spokeswoman for the company said when the Alberta government began to consider the cuts as a remedy for the huge discount Western Canadian Select was trading at to West Texas Intermediate. However this gap has closed faster than initially […]