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.