Economy
The country announced to respond “requests for help” of its “allies”. It remains to be seen how this will translate to the price at the pump here.
Canada announced on Thursday an increase in its exports of oil to answer “requests for help” of its “allies, struggling with shortages” due to the conflict in Ukraine. An announcement that should reassure international markets and consumers as the price per liter exceeded the two euro mark a few days ago.
In 2022, “Canadian industry has the capacity to gradually increase its oil and gas exports by approximately 300,000 barrels per day (200,000 barrels of oil and 100,000 barrels of oil equivalent per day of natural gas), in order to replace Russian oil and gas »said Jonathan Wilkinson, Canadian Minister of Natural Resources, in a press release.
A short-term solution…
If Canada wants to be reassuring towards its allies, the solution would not be so simple. According to industry observers and analysts, “Canada’s oil producers could increase their exports immediately, but that wouldn’t be enough to fill the void left by Russia”can we read in the Canadian newspaper The Press.
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