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Increasing Oil And Gas Exports By Up To 300kbpd In 2022

CANADA
  • Resources Minister Jonathan Wilkinson has announced plans to boost oil exports to address supply shortages: "In response to requests for assistance from allies to address supply shortages due to the conflict in Ukraine, Canadian industry has the capacity to incrementally increase its oil and gas exports in 2022 by up to 300,000 barrels per day with the intention of displacing Russian oil and gas,"
  • It will be split across oil 200kbpd and gas 100k boepd.
  • A government source told Global News yesterday that the increase won’t undermine Ottawa’s long-term climate commitments.
  • Crude oil prices fell shortly before the details hit Bloomberg but has since largely retraced. USDCAD continued to move slightly lower, -0.15% on the day but still off earlier lows.

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