Western Canadian producers are moving to restore some oil production as crude prices rise with demand thanks to the gradual opening of the world economy and OPEC and Russian output cuts.
But analysts say companies hit hard by low crude prices so far this year are being cautious and will choke back oil output again if recent higher prices prove unstable.
Meanwhile, the world supply of oil is falling thanks to production cuts agreed upon by OPEC and Russia as well as voluntary cuts by producers in Canada and the United States. Oil producers are indicating that they are bringing back online some of the 875,000 barrels a day of announced volume curtailments in Canada, he said.
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