Oilsands to make half-million-barrel output cut as oil prices surge

eavy haulers are seen at the Suncor Energy Inc. Fort Hills mine in this aerial photograph taken above the Athabasca oil sands near Fort McMurray. Article content Major oilsands producers in Western Canada will idle about half a million barrels a day of production next month, helping tighten global supplies as oil prices surge. Canadian Natural Resources Ltd.’s plans to conduct 30 days of maintenance at its Horizon oilsands upgrader in April will curtail roughly 250,000 barrels a day of light synthetic crude output, company President Tim McKay said in an interview Thursday. Work on the Horizon upgrader coincides with maintenance at other cites. Suncor Energy Inc. plans a major overhaul of its U2 crude upgrader, cutting output by 130,000 barrels a day over the entire second quarter. Syncrude Canada Ltd. will curb 70,000 barrels a day during the quarter because of maintenance in a unit. The supply cuts out of Northern Alberta, following a surprise OPEC+ decision to not increase output next month, could add more support to the recent rally in crude prices. OPEC+ had been debating whether to restore as much as 1.5 million barrels a day of output in April but decided to wait. Article […]

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.