Canadian oil exports to U.S. rise to record high

Canadian oil exports to the United States have reached a record high, buoyed by completion of the Trans Mountain expansion pipeline.

Refineries on the U.S. West Coast have been among the frequent buyers of oil from the pipeline, which began operations in May.

The amount of Canadian oil exported south of the border climbed to 4.3 million barrels per day (b/d) in July, according to the most recent data from the U.S. Energy Information Agency (EIA), released on Wednesday.

Much of the increase was driven by the U.S. West Coast, where imports jumped by 115% compared with July 2023.

A few construction workers stand near the pipeline in an excavated area.
Construction crews work on the Trans Mountain expansion near Blue River, B.C. in April. (Josh McLean/CBC)

The expansion of Trans Mountain tripled the amount of oil transported from Edmonton to the Vancouver, B.C., area from 300,000 barrels of oil per day to 890,000 barrels.

Construction finished earlier this year on the federal government-owned project after numerous delays and cost overruns.

“Between June and September, the U.S. West Coast accounted for just over half of all maritime crude oil exports out of Western Canada, with the rest going to destinations in Asia,” the EIA said in a report.

Canadian oil production has also reached a record high this year.

Tankers loaded with Canadian oil from the Trans Mountain pipeline have traveled as far away as China and South Korea, in addition to California and Washington, according to RBC Capital Markets, which tracks oil shipments departing from the Westridge Marine Terminal in Vancouver.

The Bank of Canada has estimated that Canada’s total export growth will rise by 6.25 per cent on average over the second half of 2024. 

The federal government has long vowed to sell the project once construction was complete.