Newspaper article The Canadian Press

Canada Needs to Expand Crude Oil Market: Natural Resources Minister

Newspaper article The Canadian Press

Canada Needs to Expand Crude Oil Market: Natural Resources Minister

Article excerpt

Canada needs to expand crude oil market

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HALIFAX - Canada needs to expand its market opportunities for crude oil now that a deal on Iran's nuclear program is expected to open up that country's oil supply to international trade, Natural Resources Minister Greg Rickford said Monday.

Speaking during a press conference at the Energy and Mines Ministers' Conference in Halifax, Rickford said market access is not a priority, it's an imperative.

He said Canada is well-positioned to expand its market given its political and economic stability.

"This is an economic and a political advantage that I think Canada stands amongst other countries who are net exporters of petroleum products," said Rickford.

"But we can't rest on our laurels. We have to be vigilant in our efforts to ensure that we can supply a market beyond where we currently are."

He said Ottawa is working towards that end, adding that there are eight new markets exporting Canadian crude, including Spain, France and Hong Kong.

During a keynote speech on Monday afternoon, Rickford highlighted that between 2005 and 2014, Canada's crude oil exports grew by 81 per cent.

"In Italy, the value of Canadian imports grew almost six-fold between 2013 and 2014, and now account for more than three per cent of Italy's crude oil imports," he said. …

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