Opportunity Crudes

Canada's largest oil and gas producer Canadian Natural Resources Ltd. (CNRL) said in a Nov. 30 investor presentation that it aims to boost its crude production to a record 1.0MM b/d next year as the company boosts drilling activity amid the ongoing strength in oil prices and demand.

On Nov. 26, the US Treasury Department granted a six-month authorization to US oil major Chevron Corp. (CVX) to resume operations in Venezuela and to export oil and refined products to the US from its Venezuelan operations.

Canada aims to cut its CO₂ emissions from its upstream sector by 42% from a 2019 baseline by 2030, which will amount to a reduction of 66MM mt/y.

State-owned PDVSA reported that, in its western division, which includes the Lake Maracaibo region, production has fallen from 147.6K b/d at the end of Jan., ...

The Canadian energy firm has increased its stake in the Fort Hills oilsands project to 75.4% by acquiring Teck Resources Fort Hills stake for C$1B ($737MM), a move that industry observers say is driven by Suncor Energy Inc.'s desire to extend the life of its biggest mine.

In Oct., the heavy-sour Canadian grade's discount to the light-sweet US grade reached a level that was 250% times higher than normal and was at the widest in four years.

According to a Bloomberg report, Canadian crude price differentials have hit a four-year low against US WTI due to a combination of planned maintenance shutdowns ..

Saudi Arabia set the Official Selling Price (OSP) for its heavy grade for buyers in the Far East at $2.20/bbl above the Middle-Eastern benchmark for Oct.—$3.80/bbl lower than the $6.00/bbl premium that had been in place for Sept.

The US's decision to release 180MM bbl from its Strategic Petroleum Reserve (SPR) has reduced US refiners' demand for WCS because the SPR barrels mainly comprise medium-sour grades, leading to increased competition for Canada's heavy-sour WCS.

Speaking during the week ending Sept. 16, Venezuelan President Nicolas Maduro stated that his country is ready to boost oil exports should US sanctions be removed.