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U.S. imports of Canadian heavy crude more than double 2012 levels

This year the United States will import more oil from Canada than all the OPEC countries combined—and four-fifths of those imports will be heavy oil.

Imports of Canadian heavy crude are an increasingly important source of supply to the United States, the world's largest refining market for such crudes, according to a new report by IHS Markit. U.S. imports of Canadian heavy crudes will approach 2.8 million barrels per day (mbd) in 2018—more than double what they were in 2012—and could exceed 3 million mbd in 2020.

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Shale revolution keeps US trade deficit in check

“The improved U.S. trade position in petroleum has been a counterbalancing force helping to keep the U.S. trade deficit in check over the past decade,” said Daniel Yergin, vice chairman, IHS Markit.

The boom in U.S. oil and gas production over the past decade has exerted a moderating force on what is a large domestic merchandise trade deficit by helping reduce the country's net petroleum imports, a new report by business information provider IHS Markit says. Continued U.S. production growth is now on track to make the country a net-exporter of petroleum for the first time since at least 1949.

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Oil sands report anticipates large production growth through 2019, modest gains through 2027

Syncrude’s Mildred Lake Mine Replacement (MLMR) project. Photo courtesy of Syncrude Canada Ltd.

Canada's oil sands will experience large production growth through 2019 followed by more modest, steady growth through 2027, according to a new 10-year production forecast by business information provider IHS Markit. The forecast calls for production to rise more than half a million barrels per day in 2019 and up to 1 mbd higher by 2027 compared to today.

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U.S. natural gas production may grow up to 60 percent in next 20 years

A well in the Pennsylvania Marcellus Shale.  – Flickr user wcn247, used under Creative Commons license https://creativecommons.org/licenses/by-nc/2.0/

A decade since the start of a shale gas revolution that unlocked new supplies and resulted in a "wholesale turnaround" in U.S. production, the overall size of recoverable gas reserves continues to increase and the pace of production growth is only accelerating, a new report by business information provider IHS Markit says.

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Permian Basin production expected to rise by 3 million bpd by 2023, report shows

Permian Basin production expected to rise by 3 million bpd by 2023, report shows

Oil production in the Permian Basin, already a major force in global supply growth, will rise nearly 3 mbd by 2023 — a level of growth exceeding most recent estimates, a new outlook by business information provider IHS Markit says. What the report describes as a "stunning" level of growth will comprise more than 60 percent of net global production growth during that timeframe.

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Canada may supply a third of U.S. Gulf Coast heavy oil by 2020: IHS Markit

Canada may supply a third of U.S. Gulf Coast heavy oil by 2020: IHS Markit

Supplies of Canadian oil sands heavy crude are increasingly being refined on the U.S. Gulf Coast (USGC) and could top 1.2 million barrels per day (mbd) — a full one-third of the region's heavy oil refining market — by 2020, says a new report by business information provider IHS Markit. Current runs of Canadian crude in the USGC market are estimated to already be in excess of 800,000 barrels per day (bpd), the report says.

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Oil sands production forecast expects strong additions through 2019

Oil sands production forecast expects strong additions through 2019

IHS Markit has released its outlook for Canadian oil sands production through 2026. IHS Markit expects large production growth through 2019 — making Canada the second largest source of global supply growth during that time. More modest but sustained growth is expected beyond 2019, with oil sands production at the end of 2026 around one million bpd higher than in 2017.

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