Validation in Canadian oilpatch as world focuses on energy security, abandons Russian crude
Summary
U.S., U.K. bans on Russian oil presents opportunity for Western Canadian energy companies. Amid sky-high oil prices and increasing sanctions on Russian energy around the globe, some in the Canadian oilpatch are noticing a change in attitude toward their industry. […]
More On Canada news
- Diageo to build carbon neutral Crown Royal distillery in Ontario
- Biden signs order on cryptocurrency as its use explodes
- German govt produces new legal framework for pandemic rules
- Ukrainians flee some besieged cities as conditions worsen
- Ontario to lift mask mandates in most indoor settings on March 21, reports say
U.S., U.K. bans on Russian oil presents opportunity for Western Canadian energy companies.
Amid sky-high oil prices and increasing sanctions on Russian energy around the globe, some in the Canadian oilpatch are noticing a change in attitude toward their industry.
The U.S. and U.K. are banning Russian oil and the European Union is moving to end its reliance on Russian natural gas, following the country’s invasion of Ukraine. The U.S. was importing about 500,000 barrels per day of oil and other petroleum products from Russia.
Canadian energy leaders say they could immediately replace between one-third to one-half of those volumes and move the oil south of the border by pipeline and rail. And that’s now a possibility with the U.S. looking for a steady supply of more oil to lower prices and replace Russian barrels.