The Canadian oil surplus generated by the Covid-19 pandemic and demand contraction has spun off a new storage revenue stream for Enbridge Inc. worth up to C$8.7 million ($6.5 million) over the next eight months.

Shippers agreed to pay a monthly per-cubic-meter tariff of C$7.55 ($5.66) to keep up to 145,000 cubic meters of oil in facilities left idle after the 2019 Line 3 pipeline replacement project, according to a notice filed at the Canada Energy Regulator (CER).

The agreement lasts from June 1 through Jan. 31, 2021, according to Enbridge. On the Imperial measurement scale, the special storage tariff works out to C$1.20/bbl (90 cents) for up to 912,050 bbl.

“Given the impacts of the pandemic and the collapse in crude oil prices, demand for incremental crude petroleum storage throughout North America and even more urgently in Western Canada is high,” said Enbridge.

No objections have surfaced to postpone the June 1 start of the new storage service by triggering a CER hearing. Industry analysts predicted the global oil market contraction may eventually cause a 1.5 million b/d, 33%, contraction in Canada’s pre-coronavirus production of 4.6 million b/d, including 3.7 million b/d of exports to the United States.