Crude Prices Jump On Oil Sands Outages

Syncrude has cut its bitumen production for this month due to a mechanical disruption, Bloomberg has reported, citing an unnamed person familiar with the matter. This will likely contribute to a price rally in oil sparked by demand worries and tight supply as much of U.S. Gulf of Mexico production remains offline in the wake of Hurricane Ida, which at one point shut down more than 95 percent of Gulf oil output. Syncrude, majority owned by Suncor, produces some 275,000 bpd of crude oil from bitumen at its upgrader in Alberta, according to the latest…