Canadian Crude Oil Sells at Record Discounts
Similar to oil in the Permian Basin in Texas, pipeline constraints are holding back oil sands production in Alberta
By Institute for Energy Research —— Bio and Archives--November 9, 2018
Global Warming-Energy-Environment | Comments | Back To Full Article
Canadian crude oil is selling below U.S. West Texas Intermediate crude oil by a record $52.50 per barrel based on records that go back to early 2007. The huge discount is mainly due to a lack of pipeline capacity to move the oil to markets. But, also contributing are growing production from Canada's oil sands and a reduction in demand due to U.S. refinery maintenance shutdowns.The widening price differentials are costing Canadian producers and governments upward of $40 million a day. A setback for the Canadian oil sector is a court's overturning the Trans Mountain pipeline expansion approval.Welcome to CFP’s Comment Section!
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