Canadian crude imports fall 20% in 2020 due to COVID-19 pandemic

Canada Energy Partners

14/04/2021 07:01

CALGARY, Alberta, April 14 (Reuters) - Imports of crude oil
into Canada dropped 20% year-on-year in 2020 due to weak demand
as a result of the COVID-19 pandemic, the Canada Energy
Regulator said in an analysis released Wednesday.
    Canada imported 555,000 barrels per day (bpd) last year, the
lowest level in at least 10 years, down from 693,000 bpd in 2019
and more than 800,000 bpd in 2010.
    The total cost of imported oil in 2020 fell 40% from the
previous year to C$11.5 billion ($9.18 billion), reflecting the
lower volumes and a slump in global crude prices.
    Canada is the world's fourth-largest crude producer and
exports around 3.7 million bpd but the vast majority of its
production comes from the western province of Alberta.
    The country still imports some crude to serve refineries in
eastern Canada because of a lack of pipeline access to western
supplies, the specific product requirements of different
refineries, and because it can be cheaper to import.
    "Refineries in the main importing regions of Quebec and
Atlantic Canada have been slower to recover from the pandemic
impacts compared to refineries in the rest of Canada," the CER
said in its analysis.  
    The CER said that was because of tighter COVID-19 travel
restrictions in Quebec and Atlantic Canada than in western
provinces, and weak demand from other countries for refined
product exports from Atlantic Canada refineries.
    The percentage of barrels imported from the United States
rose to 77%, up from 72% the year before. Another 13% came from
Saudi Arabia, 4% from Nigeria, 3% from Norway, and the remainder
from several other countries.   

($1 = 1.2534 Canadian dollars)

 (Reporting by Nia Williams; Editing by Sam Holmes)
 ((nia.williams@thomsonreuters.com; +1 403 531 1624; Reuters
Messaging: nia.williams.thomsonreuters.com@reuters.net))