"The system's basically full, said Trans Mountain chief executive Mark Maki. Energy prices have soared over the last month as Iran has restricted access to the Strait of Hormuz, the geographic choke point through which 20 per cent of the world's oil is exported."
"Asian customers are highly interested in Canadian barrels, full stop. They like the country, they like the product that comes to them, he said."
"Should the conflict in the Middle East end, experts say it could take several months for energy markets to normalize. Asian countries have been the most affected by the energy crisis, with some countries already experiencing oil and natural gas shortages."
The Trans Mountain oil pipeline system is set to operate at full capacity in April and May due to energy disruptions from the Middle East conflict. The pipelines transport oil from Edmonton to Burnaby, B.C., primarily for Asian markets. The system's full capacity was anticipated to take years to achieve. Energy prices have surged as Iran limits access to the Strait of Hormuz. Asian customers are increasingly interested in Canadian oil, while experts warn that normalization of energy markets could take months if the conflict ends.
Read at www.cbc.ca
Unable to calculate read time
Collection
[
|
...
]