According to the estimates, oil producers, including Suncor Energy, Royal Dutch Shell, Syncrude Canada, and ConocoPhillips, lose around 1 million barrels a day due to a wildfire across Northern Alberta.
Shell has already resumed production at reduced rates from its Albian Sands project whereas ConocoPhillips send a small team to its Surmont facility to assess the site. Suncor is expected to resume production in a week.
Suncor and Syncrude managed to avoid damage and freeze production that will contribute to an easy restart.
On May 9th, Canada’s officials said that rain and cooler temperatures are helping to fight the fire however the covered area is still twice the size of New York. The inferno in Alberta started on May 4th.
On May 9th, Brent crude slumped to $43.46 a barrel from $46.48 a barrel amid news about Saudi Arabia’s government reshuffle. Besides, the drop was also provoked by information that the fire is leaving oil fields.
