Connect with us

Business

Ultra Cheap Canadian Oil Dominates US Markets – OilPrice.com

Published

 on



Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Related News

Oil

While U.S. crude oil imports from OPEC and Mexico have slumped over the past decade and a half, crude imports from Canada have more than doubled due to the price and refinery operational advantages, the U.S. Energy Information Administration (EIA) said on Thursday.

Last year, Canadian crude oil imports into the United States accounted for more than half, or 56 percent, of total American crude imports, EIA’s Petroleum Supply Monthly showed. Imports from Canada averaged 3.8 million bpd in 2019, more than double the U.S. imports from its neighbor to the north in 2005.

At the same time, American imports of crude oil from OPEC’s Saudi Arabia and Venezuela, as well as from Mexico, significantly dropped between 2005 and 2019, mostly due to the surge in U.S. crude oil production over the past decade, the EIA said.

In 2005, U.S. oil imports averaged a record 10.1 million bpd, 60 percent of which came from Canada, Mexico, Saudi Arabia, and Venezuela. Each of those oil producers held a market share of between 12 percent and 16 percent, as per EIA data.

Related: The New Saudi Plan To Send Oil Prices Lower

By 2019, Canada’s exports had more than doubled to 3.8 million bpd, seven times larger than the volumes the U.S. imported from OPEC’s top producer and the world’s largest exporter, Saudi Arabia – 500,000 bpd. U.S. oil imports from Mexico averaged 599,000 bpd last year, six times less than the American imports from Canada, according to EIA’s monthly data from 2019. Venezuelan imports were virtually nonexistent for most of the year after the U.S. slapped sanctions on Venezuela’s oil industry.

Since the start of 2020, the U.S. was a net exporter of crude and petroleum products in each of the weeks in January and February, EIA data showed earlier this month.

The United States exported more crude oil and petroleum products than it imported in September 2019—the first month in which America was a net petroleum exporter since monthly records began in 1973, the EIA said at the end of last year.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Related posts

Let’s block ads! (Why?)



Source link

Business

Voluntary recall issued for Frank’s RedHot Buffalo Ranch Seasoning – Global News

Published

 on


A voluntary recall has been issued for Frank’s RedHot Buffalo Ranch Seasoning over a possible Salmonella contamination.

McCormick & Company, Inc. says the recall covers 153g bottles with a best before date of September 6, 2022.

Read more:
18 more hand sanitizers added to Health Canada’s growing recall list

The bottles were shipped to British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Quebec.

No illnesses have been reported, and McCormick says the potential risk was brought to their attention by the FDA during routine testing.

Read more:
Health Canada recalls children’s jewellery over lead, cadmium levels

Salmonella poisoning can result in a wide range of symptoms, from short-term fever, headache and nausea to more serious issues including severe arthritis and, in rare cases, even death.

© 2021 The Canadian Press

Adblock test (Why?)



Source link

Continue Reading

Business

Pfizer sells $7.8 billion in Covid shots in the second quarter, raises 2021 guidance on vaccine sales – CNBC

Published

 on


In this article

A person walks past the Pfizer building in New York City, March 2, 2021.
Carlo Allegri | Reuters

Pfizer said Wednesday it sold $7.8 billion in Covid-19 shots in the second quarter and raised its 2021 sales forecast for the vaccine to $33.5 billion from $26 billion, as the delta variant spreads and scientists debate whether people will need booster shots.

The company’s second-quarter financial results also beat Wall Street expectations on earnings and revenue. Here’s how Pfizer did compared with what Wall Street expected, according to average estimates compiled by Refinitiv:

  • Adjusted earnings per share: $1.07 per share vs. 97 cents per share expected
  • Revenue: $18.98 billion vs. $18.74 billion forecast

Pfizer expects an adjusted pretax profit in the high 20% range of revenue for the vaccine.

The company now expects full-year earnings in the range of $3.95 to $4.05 per share. That’s up from its prior range of $3.55 to $3.65 per share. It expects revenue in the range of $78 billion to $80 billion, up from its previous estimate of $70.5 billion to $72.5 billion.

Shares of Pfizer dipped 0.4% in premarket trading.

“The second quarter was remarkable in a number of ways,” Pfizer CEO Albert Bourla said in a statement. “Most visibly, the speed and efficiency of our efforts with BioNTech to help vaccinate the world against COVID-19 have been unprecedented, with now more than a billion doses of BNT162b2 having been delivered globally.”

Pfizer’s other business units also saw strong sales growth. Revenue from its oncology unit rose by 19% year over year to $3.1 billion. The company’s hospital unit generated $2.2 billion in revenue, up 21% from the prior year. Its internal medicine unit grew by 5% from a year ago to $2.4 billion.

Pfizer said earlier this month it was seeing signs of waning immunity induced by its Covid vaccine with German drugmaker BioNTech, and planned to ask the Food and Drug Administration to authorize a booster dose. It also said it is developing a booster shot to target the delta variant.

In slides posted Wednesday alongside its earnings report, Pfizer said it could potentially file for an emergency use authorization for a booster dose with the FDA as early as August. It expects to begin clinical studies testing its delta variant vaccine in the same month.

It expects full approval for its two-dose vaccine by January 2022.

Adblock test (Why?)



Source link

Continue Reading

Business

Pearson airport won’t sort arriving passengers based on COVID-19 vaccination status – CityNews Toronto

Published

 on


Canada’s largest airport is no longer splitting arriving international passengers into different customs lines based on their vaccination status.

Toronto’s Pearson International Airport announced last week it may be sorting travellers arriving from the U.S. or other international locations into vaccinated and partially or non-vaccinated queues.

But a spokesperson for the Greater Toronto Airports Authority says the practice has been discontinued as of Monday.

Beverly MacDonald says in a statement that the airport has determined separating vaccinated and partially or non-vaccinated travellers into different customs lines “results in minimal operational efficiencies.”

She says entry requirements related to vaccination status will now be enforced once a passenger reaches a customs officer.

Fully vaccinated Canadian citizens and permanent residents are now able to forgo a 14-day quarantine when arriving in Canada from abroad.

Adblock test (Why?)



Source link

Continue Reading

Trending