CALGARY, A.B. – Canadian oil imports surged to their highest levels in four years in 2016 as a combination of American and OPEC-produced oil barrels were shipped to refineries in Eastern Canada.
According to an article in The Financial Post, data released by the National Energy Board yesterday shows that Canada imported 759,000 barrels of oil per day last year, the highest level of oil imports since 2012.
The data shows that 54 percent of oil imported to Canada came from the United States, whose oil industry has undergone a rebirth in the past few years largely due to the widespread implementation of fracking. However, a third of oil imports came from member countries of the OPEC oil cartel, including Saudi Arabia, Algeria, and Nigeria.
In particular imports of oil from Algeria were up 113 percent from 2015 to 2016, rising to 84,000 barrels per day on average last year. Imports of Nigerian oil rose 80 per cent year over year to 73,700 bpd in 2016. Saudi Arabia has increased oil shipments to Canada from 73,000 bpd in 2014 to close to 87,000 bpd last year.
NED data shows that OPEC’s share of the Canadian oil market rose from around 26 percent in 2015 to just under one third in 2016.
Story courtesy The Financial Post: http://business.financialpost.com/news/energy/opec-oil-exports-to-canada-rebound-in-2016-as-u-s-producers-seek-new-markets.