“If we ramp up production here, you’re going to have an issue of getting it out to the world market,” said Tom Pavic, president of Sayer Energy Advisors in Calgary.
“The United States is clearly looking for alternate sources of crude oil, as indicated by the talks with Iran and Venezuela,” said Kristina Hooper, chief global market strategist at Invesco. “Given Canada’s close alliance with the United States and its robust production of crude oil, it would be a natural source of increased production,” she added, noting that Canada increased its exports to the U.S. last year.
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