OPEC Cuts Pad Wallets of North American Heavy Oil Producers
- Canadian oil-sands crude prices outpace lighter grades
- ‘We are seeing a real hunger for heavy crude’: MEG’s McCaffrey
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OPEC’s supply cuts are providing a windfall for producers of heavy crude from Western Canada and the Gulf of Mexico.
Prices for Western Canadian Select and Mars grades have strengthened relative to benchmark West Texas Intermediate since OPEC began implementing its reductions this year. These gains have held even after WTI sank below $50 a barrel earlier this month amid rising U.S. output.