Prime Minister Mark Carney’s first federal budget opened the door to scrapping the proposed oil and gas emissions cap — widely derided in the industry as a cap on production — but some market watchers say the move may not be as significant as it sounds.

The Carney government says it wants to cut emissions linked to oil and gas production, but says the industry can achieve the goal without a hard cap.

The budget says several measures, including improved industrial carbon pricing, clean technologies and enhanced methane regulations, would lead to enough gains that a cap would no longer be necessary.

“The emissions cap on its way out is encouraging, but it’s not out yet,” Richard Masson, executive fellow at the University of Calgary’s School of Public Policy, said late Tuesday.

“I didn’t

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