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© Bloomberg. Pipes carrying steam, emulsion, casing gas and oil stand at Cenovus Energy’s Christina Lake in situ oil production facility in Conklin, Alberta, Canada, on Thursday, August 15, 2013. (Bloomberg) — The escalating trade battle between Canada and Saudi Arabia highlights the need for more pipelines to move oil and around the northern nation to improve its energy security, according to the Canadian oil industry’s largest trade group.
Canada’s energy producers could supply a greater portion of their domestic market and satisfy more of world demand if they could move supply from producing regions to both coasts, said Ben Brunnen, vice president of oil sands operations and fiscal policy for the Canadian Association of Petroleum Producers. Canada imported about C$1.17 billion ($902.4 million) worth of oil and fuels from Saudi Arabia in the second quarter, according to Statistics Canada.
“Geopolitical tensions, whether they be with our largest trading partner, the U.S., or with other countries, illustrate the opportunity we have to improve energy security within our own borders and to expand our exports to global markets to ensure we are getting the best price for our products,” Brunnen said in an emailed statement.
(Updates with value of imports in second paragraph.)
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Source: Investing.com
