Opportunity Crudes

Western Canadian crude production is set to increase significantly by 2025, driven by a combination of expanded output and enhanced export infrastructure.

The $24B expansion of Canada's Trans Mountain pipeline plays a critical role in alleviating the country's dependence on the US market for oil exports.

In 2023, the Canadian oil sands sector continued its trend of reducing greenhouse gas (GHG) intensity, a positive step in addressing climate concerns.

PetroChina Canada has officially ended its role as a committed shipper on the Trans Mountain oil pipeline, transferring its contracts to another party, as disclosed in a letter to the Canada Energy Regulator on Oct. 10.

Recent reports from the EIA indicate a notable decline in US imports of Canadian crude, averaging 3.499MM b/d for the week ending Oct. 2, 2024.

The flow of Canadian crude into the US midcontinent (PADD 2) remains strong following the launch of the Trans Mountain Expansion (TMX) pipeline on May 1, 2024.

The expansion of Canada’s Trans Mountain pipeline, which carries crude oil from Alberta to the Pacific coast, is now considered a fossil fuel subsidy of at least C$8.7B ($6.4B), according to the International Institute for Sustainable Development (IISD).

The completion of the Trans Mountain Expansion Project (TMX) is reshaping oil trade flows and impacting US refineries significantly

The recent expansion of the Trans Mountain pipeline, which began partial operations in May 2024, was anticipated to enhance Canadian oil producers' market access and improve pricing.

US’s northern neighbor has become a crucial supplier of crude oil to its refineries, with Canadian oil now constituting 60% of US crude oil imports as of 2023, up from 33% a decade earlier.