Canada can increase oil exports to U.S., but won’t be enough to fill Russia gap: experts
Global News
In the wake of U.S. president Joe Biden's move on Tuesday to ban the import of Russian energy products, some have called for an increased role for Canadian oil and gas.
Canadian oil producers have some capacity to immediately increase exports to the U.S., industry insiders and analysts say, but anything they can provide in the short-term won’t be enough to fill the gap left behind by Russia.
In the wake of U.S. president Joe Biden’s move on Tuesday to ban the import of Russian energy products, some have called for an increased role for Canadian oil and gas.
In Houston, Texas, where he was attending the international energy conference CERAWeek, Alberta premier Jason Kenney said he was spreading the message that his oil-producing province is ready and willing to help the U.S. fulfil its need for energy.
“Instead of replacing conflict oil from Russia with conflict oil from Saudi, Iran and Venezuela, work with us,” Kenney said on Twitter on Tuesday. “Alberta is the solution.”
In recent days, Kenney has also called on Biden to reinstate the approval of the Keystone XL pipeline project, which Biden cancelled shortly after his inauguration, in order to increase Canadian oil exports to south of the border.
According to figures from the U.S. Energy Information Administration, the United States imported almost 700,000 barrels per day of crude oil and petroleum products from Russia in 2021.
The U.S. imported far more than that from Canada, almost 4.3 million barrels per day.
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