Fuel Prices Jump on Oil Sand Breaks | OilPrice.com

Syncrude discontinued bitumen production this month due to mechanical disruption, Bloomberg reported, citing an unnamed source.

Mexico’s Gulf offshore production, which has shut down more than 95 percent of its Gulf oil production, is likely to contribute to rising oil prices.

According to the latest data from January to May, most of Sinkorde owns 275,000 BPD crude oil on its parent in Alberta.

According to the Financial Times last month, Canada’s crude oil production reached 3.5 million BPD in the first half of 2021 after recovering from the effects of the first year of the epidemic. Over the past few years, Canada’s oil sand industry has been plagued by problems with regulators, the government and the largest export buyer.

Pipeline objections and climate promises have greatly interfered with the growth prospects of the industry, but manufacturers are sticking to their guns and turning asphalt into a mineral. Despite the intervention, Canada has become the largest supplier of foreign oil to the United States.

Canadian crude prices reflect the situation. Since last year, these have been heavily concentrated and closed a major gap with the West Texas Middle Ages, which was opened due to a permanent shortage of pipelines. If the Syncrude force majeure continues, prices for Canadian oil could still rise. The company has not yet commented on the termination.

Meanwhile, Prime Minister Justin Trudeau won another election and immediately promised to reduce emissions from the oil and gas industry. Similarly, the Canadian Petroleum Manufacturers Association says the product is set to continue to grow, according to the Canadian Government.

By Irina Slav for Oilprice.com

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