Oil operations begin rebounding in Alberta as rain provides wildfire relief

Two days of rain have slowed the spread of devastating wildfires across Alberta, allowing some oil production to resume, Bloomberg reports. Nevertheless, the danger persists, with 25 wildfires still burning out of control across the province, the heart of Canada's oil production. Approximately 462,000 barrels per day of oil output remain threatened, located within 10 kilometers of these blazes.

The industry's response to the improved conditions has been mixed, according to the agency. Canadian Natural Resources Ltd. has resumed work at its Jackfish 1 oil sands site and expects to ramp up production to 36,500 barrels per day by June 6. In contrast, operations at Cenovus Energy Inc. and MEG Energy Corp. facilities remain shut down, with no timeline provided for a potential restart.

The forecast offers some hope, with a 30% chance of continued rain in the affected region. The crisis has spread beyond Alberta, prompting emergency declarations in both Manitoba and Saskatchewan, highlighting the widespread nature of the fire threat across Western Canada.