Opportunity Crudes

Some analysts had earlier expected that US President Biden's administration will take a softer stance on Venezuela and will lift sanctions imposed by former President Trump.

Last year, the US supermajor wrote off 33.3% of their oil reserves due to the COVID-19 pandemic crashing global oil prices and demand. ExxonMobil Corp.

The proposed $1.5B, 85-mile (138-km) Uinta Basin Railway (UBR) could help support production of waxy Uinta Basin crude (40-42°API, almost no metals and sulfur) from the state of Utah as the rail line would allow Uinta crude to be railed to the US Gulf and West Coasts.

The move by the US Biden administration to revoke the construction permit for Canadian mid¬stream firm TC Energy's $8B, 830K-b/d Keystone XL pipeline could sup¬port crude-by-rail (CBR) exports out of Canada to the US moving forward after rebounding late in 2020.

Data from Canada's Alberta Energy Regulator released during the week of Jan. 4 show oilsands output in Nov. hit a record high of 3.16MM b/d due to rising oil prices and demand.

With US President-elect Joe Biden set to be inaugurated on Jan. 20 and the expectation that a Biden administration will ease sanctions on Iran and Venezuela, the South American nation has resumed direct crude exports to China.

Wall Street firms, including BMO Capital Markets, BofA Securities, Goldman Sachs Group, and Morgan Stanley, are very bullish on the ability of Canadian oilsands firms to generate healthy cash flow next year.

Prices for WCS on the US Gulf Coast (USGC) are on the rise due to higher demand from outside North America, particularly in Asia.

On Nov. 23 the Canadian energy firm announced it would become the operator of its Syncrude oilsands j.v. by the end of next year.

Despite the reduction in E&P spending across the globe, including in Mexico, the president of Mexico's private oil association Amexhi and Mexico country manager for Wintershall, said private firms operating in the country are still maintaining its 2024 oil production target of 280K b/d.