That means that even as WTI flirts with $120 US a barrel, Canadian oilsands producers are still only getting $99 US for their product. Different oil blends require refineries to be calibrated differently to process them, and many refiners aren't set up to process heavy blends like WCS. A cup of heavy oil extracted from Canadian oilsands is shown. And all that excess Canadian oil is already starting to pile up. Canadian oil inventories are already at their highest level since 2019, and they're poised to increase this month, according to Bloomberg data.

Source: CBC News June 08, 2022 13:17 UTC