【明辉说油】中国成加拿大跨山管道管输原油最大买家

Core Insights - The expansion of the Trans Mountain Pipeline (TMX) is set to significantly increase Canada's crude oil exports, particularly to China, with an average daily export of 207,000 barrels expected by June 2024, making China the largest buyer of oil transported through this pipeline [2][4] - The TMX pipeline's capacity has doubled to 890,000 barrels per day, facilitating the transportation of Canadian oil to both the U.S. West Coast and Asian markets [2][4] - The diversification of Canada's crude oil exports is a strategic response to U.S. protectionist policies, with exports to countries outside the U.S. increasing by nearly 60% since the TMX expansion [4][6] Group 1 - Canada is the fourth largest oil producer globally, with Alberta being the primary oil-producing province, but it faces limitations in accessing coastal ports [2] - The TMX pipeline, which cost CAD 34 billion (approximately CNY 178.73 billion), is the only east-west pipeline in Canada, crucial for exporting oil to the Pacific coast [2][8] - The TMX expansion began operations on May 1, 2024, and is expected to significantly enhance Canada's oil export capabilities [2][4] Group 2 - Recent political calls in Canada advocate for new pipelines to coastal export terminals to reduce reliance on the U.S. market [6] - The average utilization rate of the TMX pipeline is projected to be around 77% in 2024, lower than the company's forecast of 83%, due to high tolls imposed to cover construction cost overruns [6] - The majority of the new capacity from the TMX pipeline is anticipated to be directed towards Asia, particularly China, as it seeks stable crude oil supplies [6][8] Group 3 - The TMX pipeline has been a focal point of controversy due to environmental concerns and indigenous rights, reflecting the tension between economic interests and the transition to cleaner energy [8] - The pipeline's expansion is seen as a critical element in strengthening Canada's position as an energy exporter while also highlighting the complexities of energy strategy and social equity [8]