Canada's Crude Oil Exports Defy Trade Tensions

Despite ongoing trade tensions between Canada and the US, Canadian crude oil exports have increased by 7% in May compared to the same month last year. The majority of these exports - around 4 million barrels per day (bpd) - went to the US, accounting for about 60% of foreign oil shipments.

This trend is expected to continue with new pipeline projects aimed at expanding crude oil exports from Alberta through British Columbia. The proposed Trans Mountain expansion will carry an additional 1.7 million bpd, while the Northern Shield energy corridor could deliver up to 500,000 bpd.

Canadian leaders are working to diversify their trade away from the US in response to President Trump's ongoing tariff threats. However, trade disputes do little to curb Canadian oil exports to US refiners, with some premiers considering imposing tariffs on electricity and crude oil sent to the US.