Canada can increase oil exports to U.S., but can't fill hole left by Russia: experts

Photo: The Canadian Press

President Joe Biden announces a ban on Russian oil imports, toughening the toll on Russia's economy in retaliation for its invasion of Ukraine, Tuesday, March 8, 2022, in the Roosevelt Room at the White House in Washington. THE CANADIAN PRESS/AP/Andrew Harnik

Experts say Canada's oil industry has some capacity to increase exports to the U.S. in the wake of President Joe Biden's move to ban all Russian oil imports.

Industry analysts say this country could ship between 200,000 and 400,000 thousand additional barrels of crude per day to the U.S. using existing pipelines and rail.

But they say that can't happen immediately, as it takes time for oil producers to drill new wells and oilsands facilities to ramp up.

U.S. government figures show the U.S. imported almost 700,000 barrels per day of crude oil and petroleum products from Russia in 2021.

Canada was the top exporter to the U.S. in 2021, shipping almost 4.3 million barrels per day of crude oil and petroleum products.

Oil and gas sector advocates say significant capital investments will be required if Canada wants to significantly increase that figure in the long-term.