Chinese demand leads to huge jump in crude oil exports from B.C.

Chinese demand leads to huge jump in crude oil exports from B.C.

SOURCE: Vancouver Sun DATE: March 24, 2019 SNIP: A combination of Chinese demand and increased pipeline space led to a massive increase in the export of crude oil out of the Port of Vancouver last year. Figures provided by the port showed there were 22 million barrels of crude exported from B.C. in 2018, compared to 13 million barrels in 2017 and 8.7 million barrels in 2016. Kevin Birn, vice-president of IHS Markit in Calgary, said that almost all crude oil exported from the province comes via the Canadian-government owned Trans Mountain pipeline from Edmonton. The Trans Mountain pipeline allows for a variety of petroleum types and products to be shipped, ranging from jet fuel and kerosene to heavy crude oil and oilsands. “The world is hunting for heavy barrels and Canada has them. It’s just about being able to access it. If they can get it to the Westridge terminal it will go. That’s why they want to twin [the Trans Mountain pipeline],” Birn said. Plans to twin the pipeline stalled last year when then pipeline owner Kinder Morgan said it would not go ahead with plans due to a Federal Court ruling that stalled the project, plus resistance from the B.C. government, climate change protesters and some First Nations groups. The Canadian-government stepped in and bought the asset for $4.4 billion and has promised the expanded pipeline will be...
Experts Who Sold the Idea of Oil Exports Proven Very Wrong Very Fast

Experts Who Sold the Idea of Oil Exports Proven Very Wrong Very Fast

SOURCE: DeSmog Blog DATE: October 11, 2017 SNIP: As Bloomberg put it recently, today “crude oil gushes out of the U.S. like never before.” U.S. exports of crude oil just hit a new record: nearly two million barrels per day. And while at DeSmog we predicted that “lifting the oil export ban will result in large increases in fracking for oil in the U.S.,” most industry experts at the time were making very different claims. “It’s universally agreed in the short term that we won’t see a flood of ships leaving for foreign ports because the economics aren’t right,” Sandy Fielden, director of energy analytics at respected consulting firm RBN Energy, said in December 2015, just before the ban on crude oil export lifted. Fielden was explaining why lifting that ban wouldn’t result in a sizable and ongoing rush to export American crude. The U.S. Energy Information Administration (EIA) had its most optimistic prediction for U.S. oil exports reaching two million barrels per day by 2050. They were only off by three-plus...