Real Assets
Canadian crude-by-rail exports fell nearly 40% in 2020, averaging 172,013 barrels per day (b/d) compared with 280,272 b/d in 2019, according to the Canada Energy Regulator (CER). While the OPEC price war played a role in the initial drop of oil production in 2020, the COVID-19 pandemic caused lower oil demand and a continued production decline in western Canada, leading to excess pipeline capacity and lower volumes being shipped vial rail for much of last year, CER officials said in a press release.

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