Opportunity Crudes

On Nov. 13 Venezuelan vice president Delcy Rodriguez and PDVSA CEO Asdrubal Chavez arrived in Moscow on an official visit to discuss possible new oil j.v. with Russian energy officials and investors and to "deepen strategic alliances" between the two countries.

As a result of bearish market conditions brought on by the coronavirus pandemic and new projects easing pipeline congestion out of the province, Premier Jason Kenny announced that Alberta will suspend production curtailments, effective on Dec.

Exports of Venezuelan crude are declining ahead of a deadline set by the US Treasury Dept.

WCS prices are expected to find support next year amid higher demand from US refineries due to an expected reduction in heavy Mexican Maya crude exports to the US Gulf Coast (USGC) in 2021, according to BMO Capital Markets.

Output from the oilsands patch in the Canadian province of Alberta is now 16% (640K b/d) below pre-COVID-19 levels, an improvement from the 22% (880K b/d) reduction at the peak of production cuts undertaken by oilsands producers due to the pandemic.

On Sept. 28, US President Donald Trump issued a presidential permit to Alaska-Alberta Railway Development Corp. (A2A Rail) for its proposed $17B, 2MM-b/d, 600-mile (2,570-km), rail line from Fort McMurray (AB) to Delta Junction at the AK coast.

Long-term regular buyers of Venezuelan crude are beginning to halt imports amid a deadline imposed by the US government, five sources close to the decisions told Reuters.

According to commodities firm Morningstar, despite the collapse in oil prices in March and economic downturn caused by the coronavirus pandemic, Canadian oilsands producers should have enough liquidity to survive in the difficult oil market.

The South American nation has resumed output from the PetroMonagas, PetroPiar, and PetroSinovensa upgraders in the Orinoco Belt this month.

Venezuela's oil production was reported to be as high as 380K b/d in recent weeks thanks to increased exports, which averaged 440K b/d in Aug.