Canadian Oil Barrels Head Out of the US Gulf in Record Numbers

Canadian oil companies exported a record amount of crude out of the U.S. Gulf Coast at the end of 2021, a trend that should continue in coming months, as tight international oil markets are in need of the nation's heavy, sour crude.

These barrels are hitting the Gulf thanks to new pipeline connections and expansions that just came online last year, and are meeting surging global demand that has pushed oil prices to seven-year highs. Major producers, including OPEC and allies including Russia, are struggling to raise output, along with traditional providers of heavy crude like Venezuela and Mexico.