The U.S. imported almost 700,000 barrels per day of crude oil and petroleum products from Russia in 2021
Canadian equities, loonie and government revenues to get a lift from rising prices
The surplus is another pendulum swing for a province that for decades has been riding the dizzying highs and subterranean lows of oil and gas prices
Europe receives close to 40% of its natural gas from Russia
Banking, materials, energy and consumer discretionary may be good picks for 2022
Cap spending was $27 billion in 2021, down from $81 billion in 2014. Cancelled pipeline projects are among the reasons many now see Canadian oil and gas as a ‘difficult place to invest’
Rebound to push oil appetite above pre-pandemic levels, Moody's says
Canadian crude oil production is expected to peak at 5.8 million barrels per day in 2032 and then slowly decline
Petroleum demand has outstripped supply since early 2021
The pandemic, production constraints and a shift to renewables complicate the outlook