U.S. as Crude Competitor Drives Canada Need to Reach Asia
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Canadian Natural Resources Minister Joe Oliver said the prospect of the U.S. becoming the world’s biggest crude producer will transform it from a customer into a “competitor,” underscoring the need to build Canadian pipelines to reach Asian markets.
Oliver, speaking today in Vancouver, said U.S. dependence on imported oil will decline as production increases from unconventional extraction methods and domestic demand falls. The International Energy Agency said in a report last month that U.S. output would overtake Russia and Saudi Arabia by 2015.