Forest Fires Cut Into Canadian Oil Production
Raging forest fires in the heart of Canada’s oil-sands region curbed production and helped drive up global prices on
Canada - NNA
Raging forest fires in the heart of Canada’s oil-sands region curbed production and helped drive up global prices on Thursday as some worried enough oil was threatened to nearly wipe out the world’s oversupply.
Many companies evacuated staff and cut production because of pipeline outages and the risk from encroaching blazes.
No oil operations reported fire damage, but their efforts to protect themselves led to a reduction of at least 645,000 barrels a day, or almost one-quarter of Canada’s 2.5 million barrels in total oil sands production. Much of that output is sent to refineries in the U.S., wsj reported
Source: NNA
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