• 2 days Shell Oil Trading Head Steps Down After 29 Years
  • 2 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 2 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 2 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 2 days Venezuela Officially In Default
  • 2 days Iran Prepares To Export LNG To Boost Trade Relations
  • 2 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 2 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 3 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 3 days Rosneft Announces Completion Of World’s Longest Well
  • 3 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 3 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 3 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 3 days Santos Admits It Rejected $7.2B Takeover Bid
  • 3 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 4 days Africa’s Richest Woman Fired From Sonangol
  • 4 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 4 days Russian Hackers Target British Energy Industry
  • 4 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 4 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 4 days Lower Oil Prices Benefit European Refiners
  • 4 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 5 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 5 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 5 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
  • 5 days Shell: Four Oil Platforms Shut In Gulf Of Mexico After Fire
  • 5 days OPEC To Recruit New Members To Fight Market Imbalance
  • 5 days Green Groups Want Norway’s Arctic Oil Drilling Licenses Canceled
  • 5 days Venezuelan Oil Output Drops To Lowest In 28 Years
  • 6 days Shale Production Rises By 80,000 BPD In Latest EIA Forecasts
  • 6 days GE Considers Selling Baker Hughes Assets
  • 6 days Eni To Address Barents Sea Regulatory Breaches By Dec 11
  • 6 days Saudi Aramco To Invest $300 Billion In Upstream Projects
  • 6 days Aramco To List Shares In Hong Kong ‘For Sure’
  • 6 days BP CEO Sees Venezuela As Oil’s Wildcard
  • 6 days Iran Denies Involvement In Bahrain Oil Pipeline Blast
  • 9 days The Oil Rig Drilling 10 Miles Under The Sea
  • 9 days Baghdad Agrees To Ship Kirkuk Oil To Iran
  • 9 days Another Group Joins Niger Delta Avengers’ Ceasefire Boycott
  • 9 days Italy Looks To Phase Out Coal-Fired Electricity By 2025
Alt Text

Don’t Back U.S. Shale To Keep Oil Prices Down

The common assumption that U.S.…

Alt Text

GE Looks To Divest Energy Assets As Turmoil Continues

General Electric’s turmoil continues as…

Alt Text

New Battery Design Could Crush Tesla

Elon Musk’s old rival, Henrik…

Daniel J. Graeber

Daniel J. Graeber

Daniel Graeber is a writer and political analyst based in Michigan. His work on matters related to the geopolitical aspects of the global energy sector,…

More Info

Canada Setting Stage for Oil Exports Beyond U.S.

Canada Setting Stage for Oil Exports Beyond U.S.

Canadian Natural Resources Minister Joe Oliver said his country is on the verge of becoming an energy superpower. While the United States mulls its options for energy hegemony, a recent free-trade deal with South Korea and pipeline developments suggest Canada may beat it to the punch.

The International Energy Agency said that, despite recent volatility, Asian economies are contributing to the bulk of macroeconomic growth. That, in turn, means global oil demand is expected to grow by 1.4 million barrels per day this year.

Oliver said at an energy conference in Ontario his country has the economic fundamentals and energy wealth on hand to help meet that growing demand.

Related Article: New Report Finds Oil Sands Production Costs Below U.S. Tight Oil

"Canada is emerging as a 21st century energy superpower [and is] unmatched in reliability, responsibility, and potential," he said.

Canadian oil production is estimated to have bested its December record of 4.2 million bpd last month by 100,000 barrels.  The Organization of Petroleum Exporting Countries said in its latest monthly market report fourth quarter oil supply from Canada was "higher than expected," the number of wells drilled in Alberta, home to bitumen plays, will increase and fourth quarter 2014 production should reach 4.25 million bpd.

Last month, Canadian Prime Minister Stephen Harper and Mexican President Pena Nieto agreed to work to encourage members of the private sector to "seize new opportunities" in the energy sector. Last week, he signed a free-trade agreement with South Korea to do the very same.

During a joint meeting with South Korean President Park Geun-hye, Harper said he was seizing the opportunity presented by Asia's economic growth.

"It is growth in global trade over the past generation that has been largely responsible for wealth creation around the world and Canada is at the vanguard," he said.

Related Article: Supermajors Balk at Canadian LNG Profit Tax

Oliver said Canada is losing out on about $35 million a day because crude oil reserves are landlocked.  Support is growing, however, for the Northern Gateway pipeline, which could bring as much as 525,000 bpd to a British Columbia port for exports to Asia. On the other side of the coast, Canadian pipeline company Enbridge won regulatory approval to reverse part of its Line 9 pipeline system so that it will carry more crude oil from western Canadian plays to refineries in Quebec. In theory, at least, reversing Line 9 could help get even more Canadian oil to foreign markets. Apart from Line 9, TransCanada wants to build its Energy East project to send 1.1 million bpd to Canada's eastern coast and, for all intents and purposes, Keystone XL is an export pipeline.

For fourth quarter 2013, Canada exported more than 95 percent of its crude to the United States. Oliver said he expects oil sands production to reach 5 million bpd by 2035 and by then, some of that will be overseas. While U.S. lawmakers pressure the White House to reverse a 1970s ban on crude oil exports, the Canadian government is already signing the trade deals and building the pipelines that could be its international trump card.

By Daniel J. Graeber of Oilprice.com




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News