Canada can boost oil output by 900K bbl/day, Alberta premier tells senators

Oil Pumpjack Panorama in Alberta Canada

ImagineGolf/iStock via Getty Images

Canada’s oil production could increase by 900K bbl/day to make up for supply losses from Russia’s war in Ukraine, Alberta Premier Jason Kenney testified at a U.S. Senate committee on Tuesday.

The Canadian government has previously said the country could raise oil exports via pipeline by 300K bbl/day by the end of this year; Kenney said another 200K bbl/day could be shipped by rail, and technical improvements from midstream companies could add as much as 400K bbl/day of pipeline capacity by next year.

The concept of a North American energy alliance is manifestly in the interest of both the U.S. and Canadian people,” the premier said, according to Reuters.

Kenney emphasized the importance of maintaining operations of Enbridge’s (NYSE:ENB) Line 5 pipeline, which the state of Michigan is trying to shut down, saying “to stop the current operation would jeopardize energy security for the upper Midwest.”

He also criticized President Biden’s decision to revoke a key permit for the Keystone XL pipeline, and urged lawmakers to consider a new major Canadian-U.S. export pipeline project.

Other potentially relevant tickers include (CNQ), (SU), (IMO), (OVV), (CVE), (CPG), (ERF), (OTCPK:MEGEF), (OTCPK:BIREF), (OTCPK:BTEGF), (OTCPK:AETUF), (OTCPK:SPGYF)

Enbridge (ENB) continues to boast a dividend yield of nearly 6% “with its continued commitment to shareholder returns and the potential for a double-digit yield,” The Value Portfolio writes in a bullish analysis posted recently on Seeking Alpha.


Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.