October 3, 2023 – The Niagara Independent
Canadian oil ‘stepping out on the town’ to overseas markets as countdown on for TMX
By Deborah Jaremko
Canada’s relationship with the United States as virtually its only customer for oil exports has finally begun to break, according to a leading energy analyst.
More volumes than ever of Canadian oil are heading overseas, but many of the tankers aren’t leaving from Canada’s shores. The oil is being “re-exported,” that is, sent to the U.S. by pipeline or rail and then loaded for international markets from terminals on the U.S. Gulf Coast.
“It looks like Canada’s crude oil exports are finally showing off their stuff and stepping out on the town,” wrote Martin King, senior analyst with RBN Energy, in a recent report.
“This year, much stronger international demand has sent re-export volumes to record highs.”
Since the 1950s, Canada has been exporting crude oil to overseas markets through the Trans Mountain pipeline, but King notes those volumes have generally been “very modest” at under 100,000 barrels per day.
That’s expected to change with completion of the Trans Mountain Expansion, adding up to 500,000 barrels per day of additional international export capacity, King said.
Read the full article here: https://niagaraindependent.ca/canadian-oil-stepping-out-on-the-town-to-overseas-markets-as-countdown-on-for-tmx/
