Tuesday, 07 June 2011 14:17

Is Canadian Oil Important Again?

Although the media and the Greenpeace organization try to change the reputation of crude oil, everybody knows that this type of resource is one of the most important fuel for the industry. Same know the industry leaders of Canada as well, who plan to renew and increase their oil productivity.

Under the pronouncement of CAPP, Canadian Association of Petroleum Producers, Canada will reopen it's old oil plants and refineries, and will improve the digging of conventional oil. This way, the country plans an increase of oil production of 3,3 millions barrel per day by 2015 and almost 4,7 millions by 2025. This would mean an increase of 400,000 barrels/day. The planed areas are the oil sands in Alberta.

But it's hard to realize such dreams in just a few days. Even on June the 6th, the losses of crude amount 1.6 percent. Because Canada's exports depend of the US industry, it will be hard to recover the situation, as long as the US economy does not show better signs of recovery. However, the nature also broke the release of the Horizon oil sands projects, because of the Alberta wildfires.

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