Tuesday, May 10, 2016

Canadian Wildfire Takes 1 Million Barrels Off Market

Wildfires in Canada force thousands to evacuate homes

An estimated one million bpd of crude oil has been taken off the market due to the wildfire that has been raging in Alberta, Canada. According to reports, daily production is down by an estimated 800,000 to 1 million bpd.

While no facilities or pipelines have been damaged due to the wildfire, staff from the facilities have been forced to evacuate. The evacuation has resulted in a lack of manpower to keep facilities up and running.

Paul Newmarch, a spokesman for Suncor Energy Inc., one of the operators in the region, said that prior to the wildfire, the company was producing about 300,000 bpd; now it is producing none, due to it shutting down operations at three facilities north of Fort McMurray.

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