Banning Russian oil and building Canadian pipelines will “defang Putin”: Alberta premier

Feb 28 2022, 4:55 pm

Alberta Premier Jason Kenney is calling for Ottawa and Washington to introduce measures to displace Russian oil from global markets.

In a series of tweets since Russia invaded Ukraine last week, Kenney said Canada should “stop helping Putin and OPEC by killing pipelines being built.”

“Alberta oil does not fund wars. Putin’s oil does,” Kenney quipped in a separate tweet.

Kenney has previously voiced his disdain of the United States importing oil and other refined petroleum products from Russia, the country’s top export.

“We need to see the entire democratic world take a hard ‘no’ on future Russia energy imports,” Kenney said on Friday, “and pipelines shipping Alberta oil and gas is the single most powerful thing that Canada could do.”

As Russia is one of the world’s largest oil producers, the current conflict is sparking concern in world markets regarding the supply of oil from the country.

Canada has the fourth-largest global supply of proven oil reserves, with Alberta being the largest contributor to Canadian oil.

Most of the crude oil produced in Alberta is exported to other markets.

According to the 2021 BP Statistical Review of World Energy, in 2020, Russia produced 10.1 million barrels per day (BPD) of crude oil and natural gas condensate.

On Monday, February 28 at 9:30 am, WTI Crude was sitting at $95 a barrel, while Brent Crude sat at $100 a barrel. Canadian Crude Index sat at just under $80, according to Oil

OPEC+ will meet on March 2 to decide on output for April, as oil demand has outpaced supply over the past few months as the COVID-19 pandemic wanes.

Laine MitchellLaine Mitchell

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