ConocoPhillips (COP - Get Report) and CNOOC (CEO subsidiary Nexen Energy (NXY have cut production in northern Alberta, Canada because of a shortage in synthetic crude, according to the Financial Post.
Synthetic supplies are limited after a fire at the 350,000 bpd Syncrude plant in March damaged the facility and caused the operator to cut production for April to zero.
Consequently, ConocoPhillips reduced output at its 140,000 bpd Surmont project, a joint venture with Total E&P Canada, by 40%.
Nexen Energy, which also uses synthetic crude to dilute its bitumen, slashed output from its Long Lake oil sands project this month by 48%.
(What will move markets this quarter and how should investors position themselves ahead of time? Jim Cramer sat down with four of TheStreet's top columnists recently to get their views. Click here to listen to his latest Trading Strategies roundtable with them and read their advice for stocks, bonds, forex and gold.)