Cuz it's a free market, man.
Alberta crude struggles to reach refineries swamped with foreign oil
Canadian imports of foreign crude are soaring, swamping refineries in Quebec and New Brunswick, while efforts to connect the plants with Alberta supplies encounter fresh roadblocks.
The National Energy Board said Canadian crude oil imports leaped by 16 per cent last year to 736,000 barrels a day, including growing supplies from U.S. shale producers and OPEC kingpin Saudi Arabia.
From less than 100,000 barrels a day as recently as five years ago, imports of U.S. crude surged to more than 400,000 barrels a day in 2015. They now account for 62.4 per cent of total Canadian imports, the energy watchdog said.
Led by Saudi Arabia, members of the Organization of Petroleum Exporting Countries have also increased their share of the Canadian market.
Saudi imports are up sharply and now comprise 11.4 per cent of the total, while Nigeria’s market share nearly tripled last year to 5.2 per cent, according to the federal agency.
The upsurge underscores the dramatic upheaval that has rocked global oil markets since mid-2014, cutting U.S. and international prices by roughly 70 per cent and throwing growth prospects of major energy producers into neutral.
Alberta crude struggles to reach refineries swamped with foreign oil - The Globe and Mail
Alberta crude struggles to reach refineries swamped with foreign oil
Canadian imports of foreign crude are soaring, swamping refineries in Quebec and New Brunswick, while efforts to connect the plants with Alberta supplies encounter fresh roadblocks.
The National Energy Board said Canadian crude oil imports leaped by 16 per cent last year to 736,000 barrels a day, including growing supplies from U.S. shale producers and OPEC kingpin Saudi Arabia.
From less than 100,000 barrels a day as recently as five years ago, imports of U.S. crude surged to more than 400,000 barrels a day in 2015. They now account for 62.4 per cent of total Canadian imports, the energy watchdog said.
Led by Saudi Arabia, members of the Organization of Petroleum Exporting Countries have also increased their share of the Canadian market.
Saudi imports are up sharply and now comprise 11.4 per cent of the total, while Nigeria’s market share nearly tripled last year to 5.2 per cent, according to the federal agency.
The upsurge underscores the dramatic upheaval that has rocked global oil markets since mid-2014, cutting U.S. and international prices by roughly 70 per cent and throwing growth prospects of major energy producers into neutral.
Alberta crude struggles to reach refineries swamped with foreign oil - The Globe and Mail
