>China’s refiners are looking for alternative oil sources, including Canada, after being cut off from Venezuelan crude.
>Chinese inquiries about Canadian oil supplies have increased, with processors considering Canadian grades as a replacement for Venezuela’s Merey crude.
>Canadian crude is more expensive than Venezuelan crude, but its shorter transportation time and more freight options may make it a viable alternative for Chinese refiners.
Acceptable_Visit_115 on
So much for the doomers waving their arms around and saying “wahhhhhh Americans now own Venezuelan oil so they’ll stop buying from Canada”.
It seems like Canadian energy has no issue attracting foreign buyers after all.
shogun2909 on
Can’t Canada refine by itself?
shiftless_wonder on
And how does Canada manage to actually physically transport this oil to China? A new pipeline, that’s right. The same one BC and Eby fought tooth and nail to stop.
Consistent-Study-287 on
It would not surprise me to see PetroChina as a supporter for a new oil pipeline going through BC. They own 15% of LNGCanada so they aren’t strangers to investing in pipelines in Canada, Carney is visiting next week, and the Venezuela situation does mean they might have more appetite for Canadian Oil.
Arctic_Chilean on
Great, now the US and their “Donroe” doctrine will be aimed north towards us next
Huge_Valuable9732 on
Not the first time Trump has been accused of grabbing something
Inoffensive_Account on
This reddit post is for bloomberg.com subscribers only.
OptiPath on
Exactly as expected! Global oil consumption remains unchanged regardless of the takeover of Venezuela oil. Former buyers of Venezuelan oil will need to source alternatives which creates an opportunity for Canada. The key now is expanding access to additional markets! Pipelines!!
RandomPersonInCanada on
I don’t know anything about this business. But oil is still needed, and there will always be buyers.
oneonus on
Let in BYD and Chinese EVs please, prefer China over current US.
Geo85 on
Could we do a Sovereign Fund?
Like Norway?
Using that Chinese money?
numberone236 on
When you think you’re playing chess on a mahjong table. 😊… unexpected results.
KeiFeR123 on
South Park should make another movie with Trump on it. LOL
arthur_z on
Chinese state-owned companies do already own minority stakes in Canadian oil. Sold by our patriot JT
AugmentedKing on
“Please China, buy more of our oil. We’ll even drop the ev tariff. If we could set up a payment structure outside of Swift, that would be great as well”
Quoted from my dreams
Rude_Judgment_5582 on
Wait didn’t PP said something different?
LeGrandLucifer on
Oh no…
MortgageAware3355 on
Good. At least Canada won’t be dealing with an authoritarian dictator….oh, wait.
Lisan_Al-NaCL on
I dont know how we can ship more to Asia. Transmountain is already at 90%+ capacity – shipping roughly 825,000 bbl/day
PuffPuff74 on
Make Canada Great For Once
gigglepox95 on
Please invest in CANADA!
BritCanuck05 on
Watch Trump drop a 100% tariff on us if we set up a deal with China.
CookhouseOfCanada on
Someone wrote up a very detailed post about why this is good for Canada instead of bad. Due to the oil in Venezuela needing to be put on ships to be refined greatly increases costs compared to Canadian via pipeline.
All this did was push Russia and China out of the Venezuela market. Which is no beneficial to Canada as China wants more of ours.
Big W from Carney to immedietly go to China in the wake of this to seize the business opportunity.
24 Comments
BBG’s highlights:
>China’s refiners are looking for alternative oil sources, including Canada, after being cut off from Venezuelan crude.
>Chinese inquiries about Canadian oil supplies have increased, with processors considering Canadian grades as a replacement for Venezuela’s Merey crude.
>Canadian crude is more expensive than Venezuelan crude, but its shorter transportation time and more freight options may make it a viable alternative for Chinese refiners.
So much for the doomers waving their arms around and saying “wahhhhhh Americans now own Venezuelan oil so they’ll stop buying from Canada”.
It seems like Canadian energy has no issue attracting foreign buyers after all.
Can’t Canada refine by itself?
And how does Canada manage to actually physically transport this oil to China? A new pipeline, that’s right. The same one BC and Eby fought tooth and nail to stop.
It would not surprise me to see PetroChina as a supporter for a new oil pipeline going through BC. They own 15% of LNGCanada so they aren’t strangers to investing in pipelines in Canada, Carney is visiting next week, and the Venezuela situation does mean they might have more appetite for Canadian Oil.
Great, now the US and their “Donroe” doctrine will be aimed north towards us next
Not the first time Trump has been accused of grabbing something
This reddit post is for bloomberg.com subscribers only.
Exactly as expected! Global oil consumption remains unchanged regardless of the takeover of Venezuela oil. Former buyers of Venezuelan oil will need to source alternatives which creates an opportunity for Canada. The key now is expanding access to additional markets! Pipelines!!
I don’t know anything about this business. But oil is still needed, and there will always be buyers.
Let in BYD and Chinese EVs please, prefer China over current US.
Could we do a Sovereign Fund?
Like Norway?
Using that Chinese money?
When you think you’re playing chess on a mahjong table. 😊… unexpected results.
South Park should make another movie with Trump on it. LOL
Chinese state-owned companies do already own minority stakes in Canadian oil. Sold by our patriot JT
“Please China, buy more of our oil. We’ll even drop the ev tariff. If we could set up a payment structure outside of Swift, that would be great as well”
Quoted from my dreams
Wait didn’t PP said something different?
Oh no…
Good. At least Canada won’t be dealing with an authoritarian dictator….oh, wait.
I dont know how we can ship more to Asia. Transmountain is already at 90%+ capacity – shipping roughly 825,000 bbl/day
Make Canada Great For Once
Please invest in CANADA!
Watch Trump drop a 100% tariff on us if we set up a deal with China.
Someone wrote up a very detailed post about why this is good for Canada instead of bad. Due to the oil in Venezuela needing to be put on ships to be refined greatly increases costs compared to Canadian via pipeline.
All this did was push Russia and China out of the Venezuela market. Which is no beneficial to Canada as China wants more of ours.
Big W from Carney to immedietly go to China in the wake of this to seize the business opportunity.