Keystone XL decision critical for oil-sands producers
Bloomberg reports President Obama’s decision on the proposed Keystone XL pipeline is becoming more crucial for oil sands producers than pipeline builder TransCanada.
For producers like Canadian Natural Resources Ltd., Keystone would ease bottlenecks, which have pushed Canadian heavy crude to $27 a barrel below the U.S. marker.
Canada’s oil sands output is on track to more than double to 4.5 million barrels a day by 2025.
TransCanada expects the results of the U.S. State Department’s environmental review of Keystone XL by the end of the year, CEO Russ Girling said Nov. 19, according to Bloomberg.
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