The United States relies on Canadian oil, despite Trump’s comments, says CENOVUS CEO

CEO Cenovus Energy of the World Energy Conference in Calgary said on Tuesday that the United States relies on Canadian oil imports, despite the comments that US President Donald Trump contradicts.

Trump threatened tariffs related to oil on Canada, which is exported approximately 4 million barrels per day to the United States. Canada is the fourth largest oil producer in the world, and the fifth largest natural gas producer.

Trump has already said that the United States does not need to import goods, including oil and gas, from Canada.

Prime Minister Mark Carney, who won the minority government in April in a wave of the morale of the anti -Trip voter, said that the relationship of the old country with the United States based on the steady increase in economic integration.

John McKenzi, who heads the Oil Sands Company and the corridor of the Canadian Society Industry Group Group, said commercial tensions between the two countries highlighted the need to diversify its exports.

But he said that the need does not take away from the fact that the energy systems in the two countries are not detailed.

“Unless it changes is the energy economics and energy physics,” McKenzi said. “The truth is that we reach the United States system.”

Canada relies on US refineries to buy the vast majority of source oil, while non -coastal United States refineries have been formed in the Middle West to treat the degree of crude produced by Canada.

McKenzi said that Canada has the opportunity to develop oil production in the coming decades, adding that the new government in the country needs to recognize the dependence of the United States with the United States and seek to improve this relationship.

He said: “We need to make sure that we do not act significantly when we are threatened, and that we are actively acting in our long -term interest.”

As part of its response to the threat of the US tariff, Carney pledged to define national projects aimed at helping Canada to help Canada become what he calls a traditional and clean great power.

McKenzi said that the oil and gas sector does not want the federal government to choose the winners and losers by identifying projects that must be accelerated quickly.

He said that the industry instead wants a wide organizational reform vision that removes the barriers that prevent investment in oil and gas projects.