Canadian oil sector praises rising volumes, prices with new pipelines on the way

摘要

Houston—Canadian energy companies are increasingly confident about the ongoing rise in crude oil production and prices as global demand picks back up and major pipeline projects remain slated for completion late this year and into 2022. The combination of rising crude oil prices and demand pickup from the coronavirus vaccine rollout has some producers hiking capital budgets and ramping up drilling activity in the oil sands. The long-term pipeline shortage is expected to be eased with the startup of the Line 3 Replacement project in the fall and the eventual completion of the Trans Mountain Pipeline expansion that the Canadian government still has slated for the end of 2022.