Alberta’s Oil Cut Success Story

Oil inventories in Alberta have fallen to two-year lows, according to energy data group Genscape, reaching 27.7 million barrels as of the end of July. Global oil inventories have weighed on prices since before OPEC instituted production quotas for its members. Alberta was no exception, with the Canadian province struggling to move its oil out of the country as pipeline capacity was woefully insufficient compared to production capacity. The shortage of pipeline capacity, which caused a buildup in inventories, weighed on the price of Western Canadian…