Opportunity Crudes

Multinational financial-services company Royal Bank of Canada (RBC) has calculated that it will cost $51B to decarbonize the Canadian oilsands while boosting output by 500K b/d by 2030.

On April 6, Canadian Environment Minister Steven Guilbeault warned Suncor Energy Inc. in a letter that its proposed 225K b/d expansion to its oilsands..

In an April-6 letter to Suncor Energy Inc. Chief Executive Officer Mark Little, Canada's Environment Minister Steven Guilbeault said that, in his opinion, Suncor's plan to expand its oilsands base mine near Fort McMurray in northern Alberta as currently proposed would likely cause

In light of the Biden administration's decision to ban Russian energy imports due to that country's invasion of Ukraine, the US is seeking to boost Canadian oil imports although the administration noted that it does not plan to revive the 830K-b/d Keystone XL pipeline that it ended last year.

According to internal PDVSA documents and data from Refinitiv Eikon, Venezuelan oil exports in March fell 4% from Feb. to 644,419 b/d as PDVSA dealt with crude cargoes having been returned by customers over poor quality.

The South American Nation's Energy Minister Juan Carlos Bermeo told Argus that his country may take CO₂ emissions levels into account in awarding contracts in an upcoming tender of six onshore oil blocks.

With US President Joe Biden having signed an executive order banning the import of Russian energy following that country's invasion of Ukraine, the US is expected to turn to Latin America to make up for this loss of Russian supply.

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.

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.

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.