Canada Seeks New Crude Customers as Keystone Pipeline Languishes
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Canada is seeking new customers for its crude oil as a U.S. review of the Keystone XL pipeline drags on and oil prices languish near $50 a barrel, the country’s Natural Resources Minister Greg Rickford said.
Canada sells nearly all of its oil and natural gas to the U.S., a partnership that amounts to a $140 billion a year business, Rickford said Tuesday at the Bloomberg New Energy Finance Future of Energy Summit in New York. A downturn that has seen oil prices fall about 50 percent will cost Canada $40 billion a year, according to data compiled by Bloomberg.