U.S. Refiners Face New Crude Squeeze as Canada Cuts Oil Sands Output

Key Facts

• Fact 1: In September, Canadian crude oil production may drop by 300,000 barrels daily due to maintenance activities in the oil sands, Rystad Energy said this week, as quoted by Bloomberg.
• Fact 2: Unfortunately, crude in storage is also lower than usual—the lowest in 12 months, per the report.
• Fact 3: Normally, Canadian oil producers send 4 million barrels daily of heavy crude to U.S.
• Fact 4: Venezuela exported 1.16 million barrels of crude oil daily last month, a slight decline from June’s 1.2 million barrels daily, because PDVSA withdrew less crude from storage, according to a Reuters report from earlier this month.