Canadian Natural Resources president OK with Canada joining oil supply pact

Canadian Natural Resources president OK with Canada joining oil supply pact

The president of Canadian Natural Resources Ltd. says he supports the idea of Canada taking part in an international agreement to reduce production to support global oil prices.

Tim McKay says the solution is acceptable as long as it is “broad-based” and fair to all participants, speaking at the virtual Scotiabank Canadian Association of Petroleum Producers Energy Symposium.

Crude prices have been rising ahead of a meeting Thursday between OPEC members and allied producers that may result in output cuts to better match world supply with demand that has fallen because of the coronavirus pandemic.

In March, an OPEC meeting ended in the failure to extend supply cuts and resulted in a price war between Saudi Arabia and Russia.

Canada’s biggest producers have been taking the same positions on global cutbacks as they have with regard to the production curtailments brought in by Alberta last year to bolster local oil prices in the face of output growth exceeding pipeline capacity.

At the conference on Tuesday, CEO Alex Pourbaix of Cenovus Energy Inc., said an international deal was a “reasonably prudent thing to do” but Daniel Lyons, chief financial officer for Imperial Oil Ltd., said it’s better for government to stay out of the business.

This report by The Canadian Press was first published April 8, 2020.

Companies in this story: (TSX:CVE, TSX:CNQ, TSX:IMO)

The Canadian Press

crude oil

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

$2 raise for some health care workers in Alberta over a month late

Delay isn’t from Alberta Health, spokesperson confirms

$30k traffic safety program for 46 St. to be implemented

The road leading to the Centennial Centre for Mental Health and Brain… Continue reading

Wind warning issued for central Alberta

City of Red Deer and Lacombe under wind warning

Only 13 new COVID-19 cases confirmed by Alberta gov’t Saturday

There’s currently only two active cases in province’s central zone

QUIZ: Test your knowledge of the world of summer sports

In a typical year, there are plenty of summer sporting events and tournaments held across Canada

SpaceX’s historic encore: Astronauts arrive at space station

SpaceX Dragon capsule pulled up to the station and docked automatically

Ottawa pledges millions to promote holiday travel in Canada during pandemic

Funding announced include $30 million originally earmarked for attracting foreign visitors

Sweats are in, slacks are out: Could ‘work-leisure’ become business as usual?

Many desk-dwellers are opting for sweatpants as work-from-home era has loosened up dress codes

Minimum wage goes up June 1 in B.C. as businesses face COVID-19 challenges

Increase is part of the government’s pledge to implement a $15 per hour minimum wage

In hard-hit Quebec, families struggle to mourn those lost to COVID-19

The province recorded more than 50,000 confirmed cases and over 4,300 deaths as of Friday

Most Read