Canada’s largest oil-producing province announced it will cut oil production next year to help improve prices. The announcement sent crude prices soaring and boosted Canadian producers’ stocks. (Bloomberg)

Talking point: Alberta Premier Rachel Notley announced that the province will reduce the production of raw crude and bitumen by 325,000 barrels a day, or 8.7 per cent, starting in January 2019. That reduction rate will be maintained until the amount of excess oil in storage is brought down, and then would drop to 95,000 barrels a day until the end of 2019 at the latest. It’s the first time the provincial government has ordered a cut in production since the 1980s.