Some companies in Canada, the world's fourth-largest producer, continued to post big losses in the third quarter, swelled by impairment charges related to pandemic travel restrictions that have depressed fuel demand. Producers cut 972,000 barrels per day (bpd) in spring when prices set new lows, dropping production to about 4 million bpd. They have since restored all but 270,000 bpd, according to the Canada Energy Regulator.
WINNIPEG: Canadian crude producers are churning out extra barrels to finish their hardest year in decades on a higher note, after Alberta's government lifted restrictions and as demand for heavy oil surged.
Some companies in Canada, the world's fourth-largest producer, continued to post big losses in the third quarter, swelled by impairment charges related to pandemic travel restrictions that have depressed fuel demand.
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