Oil and gas producer Canadian Natural Resources Ltd. said on Friday it would temporarily shut-in about 65,000 barrels per day (bbl/d) of crude oil production due to forest fires in Alberta.
The company on Thursday completed the evacuation of all 240 personnel at its Pelican Lake and Woodenhouse operations, it said in a statement.
The new futures contract, labeled HOU, is launched in response to market interest in a Houston-based index.
If and when the administration of U.S. President Joe Biden and the Iranian government agree to a deal that results in the lifting of sanctions, Iran plans to increase output to 3.8 million bbl/d from the current 2.1 million bbl/d, according to oil ministry officials.
Supply constraints are expected to drive price volatility for several years.