Canada's oil sands producers have started ramping up production last year in anticipation of the start-up of exports through the TMX pipeline.
Canada ’s oil output is booming as producers ramp up projects and extraction amid expanded market access and narrowing discounts of the Canadian heavy crude to the U.S. benchmark. The Trans Mountain Expansion Project, now finally completed and operational after years of delays, is changing the fortunes of the oil sands producers in Alberta, giving them access to markets in Asia and the U.S. West Coast.
“Canada should be able to capitalize on higher prices paid for our oil as well as the forthcoming ability to get Western oil reaching international markets,” Ercolao added. Increased Egress, Higher Prices TMX is set to boost the price of Canada’s heavy crude oil for years to come, top executives at the major energy firms say. In 2023, WCS was valued at an average of US$17.90 per barrel less than WTI. Early in 2024, that discount had widened to about US$18.
Oil Oil Sands Earnings Oil Production Heavy Oil Crude WCS CAPP
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