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Alberta oil can be a solution to U.S. energy supply crunch

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© Reuters. Hon. Sonya Savage (Minister of Energy), Government of Alberta speaks during the extension of Trans Mountain, a Canadian-owned oil pipeline, to a new stage of construction in Acheson Alberta Canada, December 3, 2019. REUTERS/Candace Elliott/

ArathySomasekhar

HOUSTON, (Reuters) – The main oil-producing province of Canada, Alberta, can reduce the impact of energy disruptions on global oil supplies, Sonya Savage, Alberta’s energy minister said Sunday.

Alberta has some spare pipeline and rail capacity and can move more oil to the United States, Savage said in Houston ahead of the CERAWeek energy conference by S&P Global (NYSE:). Tuesday’s Asian oil prices have increased to $128/barrel, up from $83/barrel in January.

Savage said that “we are the solution” and not Venezuela, referring to U.S.’s sending a delegation last week to Caracas to talk about an easing U.S. crude oil sanctions.

In light of the invasion of Ukraine, she said that it was unconscionable for any country to buy Russian or refined goods.

Russia, the biggest oil exporter on earth has been avoided by many buyers. Russia exports between 4-5 and 2 million barrels of crude oil per day, as well as 2-3 million barrels of refined products every day.

Savage suggested that the United States ban Russian crude oil imports and refine products.

Canada banned Russian crude oil imports last week and offered to provide anti-tank weapons for Ukraine in response to the Russian invasion.

Russia considers its actions against Ukraine “special”

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