Canada’s crude oil exports reached record high in January

Canada’s crude oil exports set a monthly record with an average of 3.11 million b/d in January, the country’s National Energy Board reported.

Canada’s crude oil exports set a monthly record with an average of 3.11 million b/d in January, the country’s National Energy Board reported.

The total was 12.8% higher than a year earlier and 80% higher than January 2010.

Volumes exported to the Gulf Coast “increased significantly” in 2014, in part due to commissioning of several pipeline projects. NEB said the Gulf Coast holds significant long-term potential as a market for western Canadian crude oil, particularly heavy grades.

Conventional oil production has seen “moderate growth” in recent years, but is expected to decline this year due to lower oil prices, NEB said. Increased demand for domestic crude in Canadian refineries since 2011 indicates that oil sands production is driving crude oil export increases (OGJ Online, Mar. 31, 2015).

More in Economics & Markets