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Market Chatter: Canada's Oil Exports to Asia Seen Reaching 70% of Market Share

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Asia will absorb 70% of Canadian crude oil exports once the Trans Mountain pipeline completes capacity expansions through late 2028, Reuters reported on Tuesday, citing Chief Executive Officer Mark Maki.

Trans Mountain's 890,000-barrel-per-day pipeline, which carries oil from Alberta to the British Columbia coast for export, reached full capacity for the first time in June. The system provides Canada's main direct pipeline link to international markets outside the US.

Maki said the company plans to add about 90,000 b/d of capacity in Q4, followed by another 210,000 b/d by the end of 2028.

Canada's crude production is projected to rise above last year's record of about 5.3 million b/s, according to the Canada Energy Regulator. Trans Mountain did not immediately reply to' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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