Oilsands producers Cenovus Energy Inc. and Athabasca Oil Corp. have announced capital budgets that restrict spending to what's required to almost maintain current production levels in 2019.

The company has been operating its Christina Lake and Foster Creek facilities at reduced production levels since February.

While companies have yet to release production numbers, the British bank says a "perfect storm'' of events including wildfires and upgrader maintenance in Alberta are expected to have cut average national production to 3.98 million barrels of oil a day in May.