Opportunity Crudes

Major shifts are occurring in Venezuela's oil landscape as Vitol Group hired the supertanker Gustavia S, marking the return of top international oil trading houses to Venezuela.

Major shifts are occurring in Venezuela's oil landscape as Vitol Group hired the supertanker Gustavia S, marking the return of top international oil trading houses to Venezuela.

In a notable industry development, two significant consumers of Canadian heavy crude exports from the US Gulf Coast, PetroChina and Repsol, are strategically eyeing an increased intake of Venezuelan crude.

The discount for Western Canada's heavy crude oil marker, Western Canadian Select (WCS), has recently widened, hitting as low as $27/b under WTI by the end of October according to RBN Energy.

Recent developments in the oil industry have global repercussions, especially concerning Venezuelan oil sanctions relief, production shifts, and the potential reimposition of sanctions.

Two recent developments in the Canadian oil sector suggest significant growth and transformation ahead.

In September, Venezuela's crude oil exports surged, exceeding 800K b/d, marking the second-highest monthly export rate this year.

Crude oil markets are witnessing a notable transformation as OPEC+ members' production cuts constrain the global supply of medium sour and heavy sour crude oil grades

Despite Prime Minister Trudeau's commitment to emissions capping, Canada's oil production and exports are on the rise, with an expected addition of 375K b/d to a 2022 daily average output of 4.86MM b/d.