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Canadian Oil Exports Surge With World Hunting for OPEC Alternatives - Bloomberg

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Canadian Oil Exports Surge as World Hunts for OPEC Alternatives - Bloomberg

Canadian Oil Exports Surge With World Hunting for OPEC Alternatives

- Exports via US Gulf Coast ports reaching 11 million barrels
- Saudi Arabia, Russia curbs have limited heavy oil supply

Canadian crude exports out of US Gulf terminals are primed to soar in October as production cuts by Saudi Arabia and Russia stoke overseas demand, while US refinery maintenance means more of the oil is freed up for shipment.

Shipments are expected to reach 11 million barrels next month, the second-highest on record, according to traders involved in the market, who spoke on condition of anonymity. That’s almost a sixfold jump from September’s exports. Volumes have soared as refineries in the US, typically the biggest takers of heavy Canadian crude, carry out planned maintenance and consume less oil, freeing more barrels for buyers in Asia and Europe.

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Canadian Oil Exports Surge With World Hunting for OPEC Alternatives

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