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Via Daily Oil Bulletin Canadian oil supply is expected to take a hit as a result of wildfires in Alberta, although the International Energy Agency (IEA) still expects overall production in the country to climb for the year. In March, Canadian supply inched up 30,000 bbls/d to 5.9 million bbls/d, the IEA noted in its May oil report released this morning. April production fell by 140,000 bbls/d as the spring maintenance season began. May is expected to see close to 120,000 bbls/d of shut in production on average due to the considerable number of wildfires raging through Alberta. The fires are primarily impacting assets between Edmonton and the Rocky Mountains, affecting light oil, condensate and gas production. Moreover, the expected start-up of the offshore Atlantic Terra Nova project has been pushed beyond 2023 as Suncor Energy Inc. is still evaluating scheduling impacts while ensuring the vessel is able to operate safely and reliably prior to going back into service. Annual production growth in 2023 is expected to be 60,000 bbls/d, lifting total volumes to 5.8 million bbls/d on average. World oil demand is forecast to rise by 2.2 million bbls/d year-on-year in 2023 to an average 102 million bbls/d, […]
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