In follow-up to my post last night on EIA numbers relating to Canadian exports to the US (of course, they are US numbers, so they call them imports), I went to see how the numbers they use have changed from the 2011 to the 2012 report, and the change surprised me yet again.
I now have two interesting story lines emerging from these data. First, the story remains from last night that EIA import estimates are still significantly below NEB estimates of Canadian exports, but there’s also the increased growth projected for Canadian imports over-and-above last year’s levels. The EIA has increased their projection of 2035 imports from Canada by over 1 million barrels per day while they expect total imports to decrease over the same time period by almost 30%.
So, that actually makes the question more interesting – the EIA has become much more bullish on Canadian oil exports, but their predictions for imports remain far below those of the NEB, while their predictions for production are in-line.
Keep the comments coming.