Canadian Oil Exports to U.S. Hit All-Time High [SWOP NEWS]
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Canadian oil exports to the U.S. have reached a record high of 4.3 million barrels per day (b/d) in July 2024, according to recent data. This increase is largely attributed to the expansion of Canada's crude oil production and the ongoing limitations in pipeline capacity.
Record Exports:
Canadian oil exports to the U.S. have set a new record at 4.3 million b/d in July 2024. The Bank of Canada estimates that they will rise another 6.25% by the end of 2024.
Trans Mountain Pipeline:
The increase was largely fueled by the U.S. West Coast, where imports surged by 115% compared to July 2023. Oil transported from Edmonton to the West Coast now tripled.
Rail Industry Growth:
The rail industry is working to increase shipment volumes by purchasing more locomotives as oil production continues to rise, competing with other sectors like agriculture and manufacturing for rail capacity.
Record Exports:
Canadian oil exports to the U.S. have set a new record at 4.3 million b/d in July 2024. The Bank of Canada estimates that they will rise another 6.25% by the end of 2024.
Trans Mountain Pipeline:
The increase was largely fueled by the U.S. West Coast, where imports surged by 115% compared to July 2023. Oil transported from Edmonton to the West Coast now tripled.
Rail Industry Growth:
The rail industry is working to increase shipment volumes by purchasing more locomotives as oil production continues to rise, competing with other sectors like agriculture and manufacturing for rail capacity.
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