HL: Canadian crude exports set record in January as light crude tops 1 million b/d
Exports of Canadian crude oil continued to climb in January despite the plunge in oil prices, rising 100,000 b/d to a new record high of 3.125 million b/d, National Energy Board data showed.
Total crude exports topped 3 million b/d for the first time in December.
Light crude exports accounted for the entirety of January’s rise, climbing 115,750 b/d to their own record of 1.05 million b/d, the first time 1 million b/d mark has been breached since reaching 1.03 million b/d in November 2013.
In contrast, heavy crude volumes declined by 6,850 b/d to 2.075 million b/d, though exports remained near their all-time high of 2.095 million b/d set in September.
Heavy Canadian crude exports have grown steadily the past several years, averaging a 178,000 b/d increase over the past five years, while light crude exports averaged only a25,550 b/d annual increase over the same stretch. In 2014, light crude exports rose only 1,210 b/d from the year before.
Despite the disparity between the two markets, the growing production of heavy crude also supported rising exports of light crude, as NEB data showed total exports of synthetic crude made from bitumen rose 92,100 b/d in 2014 at 605,700 b/d.
