Canadian oil producers plan to revive curtailed output as Alberta’s government lifted restrictions, while demand for heavy crude grades surged. These companies continued to post significant losses in the July-September quarter as impairment charges swole due to depressed fuel demand. Canadian producers cut 972,000 bpd of output to 4 million bpd in the spring when prices fell to new lows. Since then, about 270,000 bpd of shut production has been restored, Canada Energy Regulator said.
Suncor Energy said last week it would increase production at its Fort Hills site next year while trying to squeeze out more capacity at its Firebag site. Suncor expects production to rise 10% in 2021 from this year’s expected total production of 680,000-710,000 boepd.
The CEO of Cenovus Energy, Alex Pourbaix, said last week the company would likely increase output next month, depending on prices. It also expected competitors to restart their curtailed capacity. MEG Energy Corp also plans to pump more oil and revised up its 2020 output guidance by 3% last week.
