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Irish-linked exploration stocks wavered yesterday after leading international energy research and consultancy group Wood Mackenzie warned most major conventional oil projects risk being delayed or cancelled if global prices remain at or below $50 a barrel.

Canada oil-sands producers, including Suncor Energy, could resume production within a week after the threat subsides from wildfires that cut as much as 40% of the region’s output.

Sinking aluminium prices and a ballooning surplus of the metal have deepened the industry’s worst crisis in years, intensifying pressure on high-cost smelters to embark on another round of production cuts to revive prices from their malaise.

AUSTRALIA’S devastating floods could remove over 5% of steelmaking coal from world markets this year and lift prices by a third or more, analysts estimated yesterday, as damage and disruption to coal infrastructure continue to spread.