Post by
FiddyFiddyOddzz on Mar 08, 2022 7:52am
Shell says it will stop buying Russian oil and natural gas
https://www.cbsnews.com/news/shell-russia-ukraine-stop-buying-oil-natural-gas/
Comment by
silkos on Mar 08, 2022 8:21am
This is big. I wonder if competitors will follow. Last thing Russia wants is losing market share. Question is what Russian oil will be replaced with? Oil from Iran or Venezuela? Can't be Canada.
Comment by
Quintessential1 on Mar 08, 2022 8:59am
Why can't it be Canada? Russian is going to sell its oil to China, North Korea, Belarus and oh yeah Eritrea at steep discounts. The USA is banning Russsian oil imports today and everyone will follow suit when they do, We will see Pipes maxed out and Rails maxed out...and no we are not maxed out on either yet. Go Enbridge! ;-)
Comment by
silkos on Mar 08, 2022 9:12am
Iran and Venezuela will offer discounts to regain market share lost due to years of sanctions. Canadian oil producers are not in the same basket.
Comment by
Quintessential1 on Mar 08, 2022 9:26am
Iran simply does not have the production to replace Russian oil and Venezuala will take a lot of time to ramp up production.fast enough. Oil will spike more and Canada will be outputing more. Venezuala has lots of issues and near term supply is one of them. https://www.nytimes.com/2022/03/08/world/europe/venezuela-russia-oil.html Pipes will max out in Canada. Go Enbridge! ;-)
Comment by
silkos on Mar 08, 2022 11:12am
Agree that pipelines are full. Not sure if the oil majors were ready for production increases. Time will tell. BP just joined Shell in boycotting Russian Oil. It's very likely that UK will ban Russian oil. Next we should see a ban on Russian ships, goods and products in UE, US and Canada. I am sure UK & Australia will join in a heart bit.
Comment by
Quintessential1 on Mar 08, 2022 11:40am
I agree and I said it before, nothing but a full embargo of Russian imports is acceptable. Unfortunately we have to sanction China too and Russia and China can trade everything with each other all day. Good numbers for ENB next for Q1 for sure though.. GO Enbridge! ;-)
Comment by
bttmfischer on Mar 08, 2022 9:22am
Looks like Venezuelan oils will replace the oil from the deranged KGB guy. The US will swithch from on maniacal dictator to another in their search for its replacement. Since we Canadians cannot supply enough due to the lack of sufficient pipeline capacity, they will get it from the only ally Putin has in this hemisphere: Venezuela.