Canada will boost oil exports to replace Russian energy

(EurActiv, 25 Mar 2022) Canada announced Thursday (24 March) it will boost oil exports by about 5% to help address supply shortages faced by allies shunning Russian energy after Moscow’s invasion of Ukraine.

“Our European friends and allies need Canada and others to step up. They’re telling us they need our help in getting off Russian oil and gas in the short term,” Resources Minister Jonathan Wilkinson said in a statement.

Canada is “uniquely positioned to help,” he said, adding that Ottawa “will continue working with our international partners to support international energy markets.”

Wilkinson was taking part Thursday in a ministerial meeting of the International Energy Agency (IEA) in Paris.

“In response to requests for assistance from allies to address supply shortages due to the conflict in Ukraine, Canadian industry has the capacity to incrementally increase its oil and gas exports in 2022 by up to 300,000 barrels per day with the intention of displacing Russian oil and gas,” he said.

Ben Brunnen of the Canadian Association of Petroleum Producers said a short-term increase in production carries risk for the country’s industry.

“And at the end of the day, we simply don’t have sufficient market egress to really make a substantial difference,” he told AFP.

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EurActiv, 25 Mar 2022: Canada will boost oil exports to replace Russian energy