Canada could replace 1/3 of Russia oil to US, SU oil seized Canada could provide about a third of the 700K bbl/day the U.S. will need to replace Russian oil that has been banned by the Biden administration, Suncor (SU -3.4%) CEO Mark Little said at the CERAWeek by S&P Global conference in Houston.
But that would require the restoration of the Keystone XL pipeline, which was blocked by the Biden administration; executives at the conference said the project could have helped ease prices at the pump following Russia's invasion of Ukraine.
Even so, "the vast majority [of oil] is available today," Little reportedly told the conference.
Separately, Suncor will get no relief from the Canadian government after a Russian-owned tanker it chartered was hit by U.S. sanctions while on its way to Montreal, Natural Resources Minister Jonathan Wilkinson said.
The vessel, owned by Sovcomflot, was on its way to Montreal when the U.S. imposed sanctions on Russia's largest shipping company; Wilkinson said Suncor's only alternative is to resell the cargo.