Two percent of Canada's oil gets to overseas markets

U.S. top destination for Canadian crude.
By Daniel J. Graeber Follow @dan_graeber Contact the Author   |   April 1, 2014 at 9:35 AM
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Only 2 percent of the crude oil produced in Canada made it to overseas markets last year, the National Energy Board reported.

NEB, an independent regulator based in Calgary, Alberta, published its annual review of the Canadian petroleum sector. It said the oil industry is heavily influenced by the United States.

"In 2013, approximately 71 percent of Canadian crude production was exported to the U.S. and 2 percent was exported to overseas markets from terminals on the east and west coasts," the report said Monday.

Canadian Prime Minister Stephen Harper has tried to add a layer of diversity to an export economy that depends largely on the United States. European governments in particular have expressed concern about the environmental issues associated with bitumen, Canada's heavier grade of crude oil.

An increase in U.S. oil production has led the country to rely less on foreign imports to satisfy domestic energy demands. NEB said despite the increase, the United States is still importing more Canadian crude oil.

"U.S. oil imports from Canada have increased from 16 percent of total U.S. imports in 2005 to 32 per cent in 2013," NEB's report said.

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