June 26, 2022

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Canada may increase oil and gas exports by 2022: Minister

By Nia Williams and Ismail Shakil

Calgary, Alberta, March 24 (Reuters) – Canada said on Thursday it has the potential to increase oil and gas exports by 300,000 barrels per day (bpd) by 2022 to help improve global energy security following the Russian invasion of Ukraine. Natural Resources Minister Jonathan Wilkinson said in a statement.

Wilkinson was in Paris for a meeting at the headquarters of the International Energy Agency (IEA), where the United States and its allies discussed ways to help calm turbulent oil markets.

Canada, the world’s fourth-largest crude producer, is eager to help improve long-term energy security as countries that previously relied on Russian oil and gas are looking for alternatives amid sanctions aimed at punishing Russia.

Wilkinson said Canada could increase oil exports to 200,000 bpd this year and natural gas exports to 100,000 barrels per day (boepd).

He attended a meeting to discuss how IEA member states could work together to ensure the availability of vital minerals needed for energy conversion, which includes numerous products in Canada.

“Canada and other nations need to move forward with our European friends and allies,” Wilkinson said. “They are telling us that they need our help to get rid of Russian oil and gas in the short term, while accelerating energy transfer across the continent.”

Canada currently exports about 4 million bpd of oil to the United States, a small portion of which is re-exported overseas. (Reporting by Nia Williams and Ismail Shakil; Editing by David Gregorio)