According to the WSJ, Biden management is considering increasing oil imports from Canada. After all, this information led to a significant appreciation of the Canadian dollar. Currently, the United States imports about 1.5 million barrels of crude oil per day from Canada, making it the largest importer of crude oil from that country.
While this news is positive for Canada, the real impact is minimal. Most of Canadian oil imports are handled by rail and truck. Biden canceled further development of the Keystone XL oil pipeline project, which could lead to lower import costs and lower pollution. However, there is currently no discussion about restarting this project. Therefore, the increase in exports will also be limited.
The USDCAD is currently testing the 1.24 level, while oil prices are frozen. It should be noted that only the commencement of oil imports by Keystone XL will lead to a real increase in oil production in Canada, which will reduce the current inflationary pressures related to medium and long term oil. Source: x Station5
Exposure according to 80 WpHG for the purpose of potential discrepancies
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