3 June 2025 | Oil

Wildfires led to 7% drop in Canada's oil output

Wildfires led to 7% drop in Canada's oil output

Bloomberg reports that wildfires in Alberta, Canada's key energy producing region, have reduced the country's heavy oil output by nearly 350,000 barrels per day. This accounts for approximately 7% of Canada's total oil production.

The Caribou Lake Wildfire and other uncontrolled blazes have spread, according to the news agency. On Monday morning, the fires were located approximately 10 kilometers from oil facilities producing about 470,000 barrels of crude daily.

The halted Canadian production nearly equals the volume that OPEC+ countries agreed on Saturday to restore to the global market. Moreover, the world's heavy oil supplies are already under pressure, as noted by Bloomberg. Operators of oil sands in Canada have recently reduced production for regular maintenance. Meanwhile, tighter restrictions have limited the supply of this type of crude oil from Venezuela.

Some companies, such as Cenovus Energy, have announced plans to resume oil production in the near future.

Anton Volkov MarketCheese
Period: 14.11.2026 Expectation: 3500 pips
Sell Bitcoin with $75,000 in view
30 October 2026 85
Period: 14.11.2026 Expectation: 150 pips
Go short on SPX down to $7,500
30 October 2026 109
Brent sell
Period: 29.11.2026 Expectation: 450 pips
Brent crude sell-off targets $105
29 October 2026 84
Period: 12.11.2026 Expectation: 28000 pips
Go long on NVIDIA stock up to $243
29 October 2026 89
Period: 28.11.2026 Expectation: 130 pips
Invest in SPX with 7,850 in view
28 October 2026 116
Period: 28.11.2026 Expectation: 4200 pips
Selling EURUSD down to 1.07000
28 October 2026 133
Go to forecasts