Syncrude Cuts Oil Output By More Than 1.5 Million Barrels

Canadian oilsands operation Syncrude has reduced its December crude oil production by 1.6 million barrels according to Reuters, citing three market sources. The production cutback was due to a operational problem, the sources said, who did not elaborate on what those operational problems were. Syncrude is one of the largest producers of crude from Albertas oilsands, a joint venture between Exxon’s Imperial Oil Resources, China National Offshore Oil Corporation (CNOOC), Sinopec, and Suncor. Syncrude also scaled back its oil sales in October…