Canadian oil producers are pumping record volumes—so why are they still exporting less than before COVID?
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Canadian crude production rebounded quickly from the pandemic slump and set fresh all-time production highs this past winter—in fact, production is sitting just shy of all-time highs as of March, the latest available data.
Net exports of Canadian crude have also reset their high-water mark to 3.3 MMbpd this past January, yet gross exports have yet to exceed early-2020 levels due to lowered pandemic-era imports.
Meanwhile, imports have collapsed by more than a quarter due to both pandemic-era refinery closures and a redirection of more Canadian crude to domestic refineries.