The Fort Mcmurray Inferno Continues to Rage; Up to 1 Million Barrels of Oil Offline

This fire is out of control. The entire city of 88,000 has been evacuated, in an area which houses Canada’s largest oil production, filled with filthy tar sands.

As a result, up to 1 million barrels of Candian crude are off the market, providing succor to an already stressed oil market.

Firefighters continue to battle the huge wildfire in Alberta, Canada, which has unfortunately spread

Thousands more have fled hundreds of miles away as a result
This fire starts on Sunday

It’s affecting oil production in Western Canada’s oil sands… something over 500,000 barrels of oil production per day, to as much as 1 mln barrels per day, have been cut

And even more output could be cut as a result of this wildfire
Suncor Energy (SU) and Royal Dutch Shell (RDS.A) are two companies that have cut production in the region
Fort McMurray is in the heart of Alberta’s oil sands
Alberta oil sands has the third largest oil reserves in the world, after of Venezuela and Saudi Arabia