Canada’s oil industry is thriving as it pushes into Asian markets in a bid to reduce its reliance on US sales, defying some analysts’ fears that a surge of Venezuelan barrels on to global markets could undercut demand for its similar crude.
Canadian companies are pumping record volumes and boosting shareholder returns in spite of weak global oil prices. Their decades of proven reserves also mean they are well positioned to benefit from a slowdown in efforts to decarbonise global energy markets, analysts say.
But trade tensions with the US — amplified by President Donald Trump’s threat on Saturday to impose 100 per cent tariffs on all Canadian goods — are accelerating Ottawa’s efforts to diversify its export markets.
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