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Oil Gains as Wildfires Threaten Canada Supply

  • Oil prices rose by over 2% on Monday after wildfires in Alberta, Canada disrupted about 7% of the country's crude oil output.
  • The wildfires, declared an early-season crisis, forced thermal oil sands operators near Fort McMurray to evacuate workers and halt production as a precaution.
  • These shutdowns removed nearly 350,000 barrels per day of heavy crude, tightening global supply amid existing maintenance and U.S. sanctions on other producers.
  • Rory Johnston called the situation "an operational nightmare," while a weaker US dollar and a 28% weekly drop in tanker-stored crude supported prices.
  • The Alberta wildfires contributed to a crude price rally reaching a three-month high on Tuesday, highlighting persistent supply pressures despite demand uncertainties.
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About 7% of the country's total production is at a standstill due to fires, while more than 450,000 barrels are less than 10 kilometres away from fires Oil prices are stable

·France
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On Wednesday, oil prices declined in Asian trades, affected by fears of increased OPEC+ production and tariff tensions threatening global economic prospects, although concerns about Canadian supplies provided price support. Brent's future contracts fell by 23 cents, or 0.4%, to $65.40 per barrel by 0318 GMT, while West Texas's US broker's ore declined by 25 cents, or 0.4%, to $63.16 per barrel. The standard raw materials increased by about 2% ye…

·Iraq
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kalkinemedia.com broke the news in on Monday, June 2, 2025.
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