IHS Markit: U.S. crude oil meets more than half of Canada's import demand for crude oil and condensate

Foreign news agency news on August 11, the industry analysis agency IHS Markit said in a report on Wednesday that US crude oil meets more than half of Canada's crude oil and condensate import needs, despite the fact that Canada's crude oil output is the amount of domestic demand.
More than 2.
5 times
.


According to data released by the agency, in 2019, the last year when demand was the most “normal”, 55% of the total demand for Canadian crude oil and condensate was realized by importing US crude oil.
Crude oil produced in Canada is sent to the United States and then exported to Canada
.


IHS Markit stated in the report that in 2019, the United States imported 600,000 barrels/day of Canadian crude oil and re-exported 480,000 barrels/day of crude oil to Canada, meeting more than half of Canadian crude oil imports
.


Data show that in 2020, due to the impact of the epidemic, Canadian crude oil imports have fallen sharply by 20%, but the United States is still Canada’s largest source of crude oil.
Four out of every five barrels of crude oil imported by the country that year came from the United States.

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The report also highlights how deeply the two major oil producers in North America have interacted with each other
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Celina Hwang, Head of Crude Oil Market for North America at IHS Markit, said, “Geographical factors and different market demands for different types of crude oil constitute a highly complex and interdependent oil logistics system between Canada and the United States
.
”

  He added, “Although this This study highlights Canada’s dependence on the United States for crude oil supply and transportation, but this relationship does have a symbiotic relationship with the two countries’ daily interdependence to meet domestic demand
.
” The

  IHS Markit report also found that pipelines outside of Canada Disruptions - such as attempts to close the Enbridge Line 5 pipeline serving Detroit and surrounding areas of Michigan and Ohio, as well as the surrounding areas of Toronto and Ontario and Quebec, will have a significant impact on North American energy security
.


  Kevin Birn, vice president of IHS Markit and chief analyst of the Canadian oil market, said that "different views on the pace of the energy transition put pressure on the energy interdependence between Canada and the United States
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"

  "Any damage to existing infrastructure could damage Canada.
And the wider North American system and energy security have a major impact
.
"