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Canada Failed Oil Prospects Made After Russian Invasion

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During the second half of 2022, Canada expanded oil production but fell short of its goal to grow production by 200,000 barrels per day to assist nations trying to switch away from Russian imports after its conflict with Ukraine.

Canada Energy Regulator statistics reveal a rise in output of almost 168,000 barrels per day between December 2021 and December 2022.

Last March, Canada’s minister of natural resources, Jonathan Wilkinson, promised to assist “our European friends” by increasing global crude supplies after Russia attacked them and prices rose beyond $100 a barrel. By speeding planned projects, Canada would increase oil and natural gas output by 200,000 and 100,000 barrels per day, respectively, by year-end.

Yet, despite years of low commodity prices, the country’s energy companies remained cautious with their spending. Additionally, the launch of a huge oil platform offshore of Newfoundland was postponed.

Alberta, the province with the majority of oil reserves, had its oil sand production drop in December due to the cold temperatures. Condensate production in B.C. has dropped by nearly 40,000 barrels per day compared to last year.

In December, Canada’s crude oil and equivalent production averaged 4.9 million barrels per day, with with heavy crude from Alberta’s oil sands accounting for the vast majority.

Data from Canada Energy Regulator didn’t include the Northwest Territories, whose daily output averaged over 5,000 barrels through the first 11 months of the year, or Ontario, where output averages around 500 barrels.

Original source material for this article taken from here

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Written by Olivia Woods

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