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Alberta in regular talks with OPEC ahead of Thursday meeting

Published 2020-04-07, 10:37 a/m
© Reuters.

April 7 (Reuters) - The Canadian province of Alberta, home to the world's third-largest oil reserves, is in regular contact with OPEC Secretary General Mohammad Barkindo about solutions to bring the oil market back into balance, Alberta Energy Minister Sonya Savage said on Tuesday.

"I think there is a worldwide recognition that this is not sustainable," she said during a virtual investment conference hosted by Bank of Nova Scotia. "We can't continue to be producing 30 million barrels a day more oil than what we're using."

Savage said she exchanges regular text messages with Barkindo and reiterated plans to participate in Thursday's virtual meeting on potential cuts hosted by the producing group known as OPEC+.

Saudi Arabia, Russia and allied oil producers will only agree to deep cuts to their crude output if the United States and several others join in with curbs to help prop up prices that have been hammered by the coronavirus crisis, an OPEC source told Reuters on Tuesday.

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