Just over a year ago, Canadian oilsands companies were struggling to keep their heads above water as pipeline cancellations and delays, environmental pressures and low crude-oil prices sent stock prices plunging and investors heading for the exits. While some of the challenges remain, especially on the environmental front, the oilsands appeared to have come out stronger from the ordeal even as some of its competitors face their own set of challenges and production declines.
Now, the decimation of crude exports from rival heavy oil producers has made the Canadian oilsands the last exporting blend standing in the Americas.
Mexican exports of crude oil and products to the U.S. hit a decade low of 226,000 barrels per day in the last week of December, according to the U.S. Department of Energy. In contrast, Canadian oil exports to the U.S. were trending near record highs to 3.8 million bpd during the same period.
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