Syncrude ramps up output after operational problems
Syncrude’s oil sands facility has ramped up production after a disruption last week due to operational problems, three market sources told Reuters on Thursday.
Syncrude – owned by Suncor – can produce up to 360,000 barrels per day, upgrading thick bitumen to light oil.
The facility had planned to reduce December production by a total of 1.6 million barrels, but has restored about half of that 1.6 million-barrel cut, one of the sources said.
A Suncor spokeswoman declined to comment to Reuters.
Representatives for Syncrude and Imperial could not be immediately reached for comment.
The increase in production pushed the discount for light synthetic crude from the oil sands compared to West Texas Intermediate (WTI) wider, to about $3.50 a barrel on Thursday, traders said.
Light synthetic crude settled at $2.85 below WTI on Wednesday, according to NE2 Canada Inc.