There is still no timeline on when production at Syncrude will restart.
The site has been offline since June 21 after experiencing a power disruption.
In an email to Mix News, Suncor Energy Spokesperson Sneh Seetal says Syncrude is commissioning its steam systems which is an ‘important step for the restoration and startup process.’
Meanwhile, the loss for Suncor, Imperial Oil Resources, Sinopec, and Nexen – who all own shares in the company – means more gains for other companies.
Partner with Deloitte’s Resource Evaluation and Advisory Group Andrew Botterill notes oil supply is now down, however, demand is still very high.
“With Syncrude being down, it’s an opportunity for other barrels and some competition.”
He adds the Syncrude outage is one of the big reasons for the recent rise in prices.
“There have been some short-term blips and I think that’s part of the reason why the strength is where it is today and in the last few weeks, that’s a significant amount of production that’s not there.”