Canada has been looking to supply its crude to the US to make up for the shortfall of Russian oil. Alberta Premier Jason Kenney urged the US to use Canada's output instead of appealing to Venezuela and Iran for additional barrels and argued that the US should reconsider the cancellation of the 830MM-b/d Keystone XL in light of rising oil prices, adding that it could be built by 1Q 2023.
March 21, 2022
Despite oil prices rising to above $115/bbl following Russia's invasion of Ukraine and demand also inching higher, Canadian oilsands producers are not raising spend to boost output in response to higher prices and demand.
March 14, 2022
Crude production from the Latin American nation is continuing to recover amid the ongoing inflow of Iranian condensate cargoes, which has allowed Venezuela to boost production and exports of its extra-heavy Orinoco crude.
March 07, 2022
The global industry is currently facing the juggling act of meeting energy demand and demonstrating environmental, social, and governance (ESG) practices.
February 28, 2022
Stephen Brown, Senior Canada Economist at Capital Economics, wrote in a note quoted by Bloomberg on Feb. 10 that Canadian crude producers are not ramping up supply to the US
February 21, 2022
According to internal PDVSA documents and tanker tracking data, Venezuela's oil exports fell by 34% from Dec. to 416,387 b/d in Jan.—their lowest level since last Sept.—amid loading bottlenecks caused by returned and rescheduled crude cargoes because of crude quality issues and the poor condition of storage tanks and port berths.
February 15, 2022
Both Iran and Venezuela are currently sanctioned by the US, which specifically targeted their oil exports to the international market, although both countries are finding ways to skirt the restrictions.
February 07, 2022
According to the Canadian Association of Petroleum Producers (CAPP), oilsands operators seek to boost spending by 22% to C$32.8B ($26.3B) this year to lift capacity, with higher oil prices and more export capacity supporting greater oilsands output.
January 31, 2022
Appointed back in Oct., Canada's new Natural Resources Minister Jonathan Wilkinson said that the Trudeau government was "going to be very aggressive in reducing emissions from the [oilsands] sector" and would work with other countries to drive down long-term crude demand as it looks to reduce GHG emissions to address climate change.
January 24, 2022
According to OPEC's Dec. 2021 Monthly Oil Market Report, Venezuelan oil production in Nov. was at 824K b/d, a 9% increase compared to Oct. and is nearly double the 434K b/d the country produced in Nov. 2020.
January 17, 2022
