As a result, Canada's traditional advantage from being right next to the world's largest oil importer is unlikely to last much longer. In fact, it is forecast that China will displace the U.S. as the world's top importer of oil in 2013. Only a decade ago, the country produced more oil than it consumed."The world will still need Canada's crude, given still ample demand growth ahead for Asia, and we doubt supply-demand conditions will permanently sustain prices below Canadian project break-evens," says Mr. Shenfeld. "But it's increasingly important that Canada move on one or more of the alternative pipelines to get our product headed Asia's way. Canada's own central and eastern oil markets are another option, but longer term demand growth there is also likely to be lackluster."
Approval Of Keystone Pipeline Only Part Of The Solution For Canada's Energy Sector: CIBC
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