Canada Waits for Perfect Moment to Diversify Oil Exports Amid US Trade Tensions

Trade tensions between the U.S. and Canada have been escalating, but so far, oil has remained untouched. Canadian leadership has chosen not to involve its biggest export to the U.S. in trade negotiations, which is a crucial decision given that millions of barrels are sent to U.S. refineries every day to make gas, jet fuel, and diesel.

The U.S. depends heavily on Canadian crude oil, with 4 million barrels imported daily. Much of this comes from Alberta's oil sands, and many U.S. refineries were specifically tailored to process the heavy crude Canada produces. This reliance has created a mutually beneficial relationship between the two countries, with around 90% of Canadian crude oil exports going to the U.S.

However, as tensions rise, there is growing support in Canada for finding alternative buyers for its crude oil. Experts say that Canada's recent shift in attitude towards the U.S. has led to renewed interest in diversifying energy trade and building new relationships with other countries.