Canada’s oil industry surges on strong Asian demand
Canada’s oil industry is currently booming thanks to Asian markets, as Ottawa seeks to reduce its dependence on the United States amid ongoing trade tensions over tariffs.
Canadian companies in the sector are pumping massive volumes and generating profits despite a global decline in oil prices.
Earlier this month, Canadian Prime Minister Mark Carney signed several trade agreements with China during a state visit, aiming to secure alternative markets beyond the United States.
Last year, exports to China quadrupled to reach 88.7 million barrels, according to data analyzed by the Baltic and International Maritime Council, while during the same period, oil exports to the United States fell by 61%. This surge is largely due to the opening of Trans Mountain Extension in May 2024 in Alberta, which facilitates shipments of Canadian oil to Asian markets.
Canada’s oil industry surges on strong Asian demand
Canada’s oil industry is currently booming thanks to Asian markets, as Ottawa seeks to reduce its dependence on the United States amid ongoing trade tensions over tariffs.
Canadian companies in the sector are pumping massive volumes and generating profits despite a global decline in oil prices.
Earlier this month, Canadian Prime Minister Mark Carney signed several trade agreements with China during a state visit, aiming to secure alternative markets beyond the United States.
Last year, exports to China quadrupled to reach 88.7 million barrels, according to data analyzed by the Baltic and International Maritime Council, while during the same period, oil exports to the United States fell by 61%. This surge is largely due to the opening of Trans Mountain Extension in May 2024 in Alberta, which facilitates shipments of Canadian oil to Asian markets.
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