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Prolonged Shutdown in Canada Oil Output

Prolonged Shutdown in Canada Oil OutputProlonged Shutdown in Canada Oil Output

Producers and refiners braced on Monday for a prolonged shutdown and possible supply constraints from Canada's vast oil sands region as a destructive wildfire raged for a second week. Cooler and possible wetter weather looked to help firefighters battling the massive blaze, as Canadian officials planned to take their first look at oil boom town Fort McMurray. The town has been ravaged by the nation's most destructive wildfire in recent memory, with about half of the nation's oil sands capacity remained shut as energy firms kept facilities closed as a precaution. BP and other big oil firms warned on Friday they would not be able to deliver on some contracts. Statoil and Husky Energy Inc were among 11 production companies and three pipeline operators have curbed activities after the inferno that began on May 1 forced more than 1 million barrels of capacity offline. The yard of CNOOC unit Nexen's facility in Long Lake, Alberta, suffered minor damage on Sunday from fire, officials said.

 

Financialtribune.com