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Kucharski on diversifying Canada’s oil export partners
School of Business associate faculty member Jeff Kucharski spoke to The Hill Times about the opportunity for Canada to diversify its oil exports. Canada still sells most of its oil to the United States, but markets in Asia are increasingly interested in Canada’s oil and gas products.
Here is an excerpt:
“Like Canada, Mr. Kucharski told The Hill Times in an interview, Asia is also looking to diversify its economy. It strongly relies on energy resources being exported from the Middle East, but it takes a long voyage for the oil to travel from the shores of countries like Saudi Arabia before it crosses over the Arabian Sea, through the Indian Ocean and around the South China Sea to reach China, South Korea, and Japan.
“‘There’s great risks and costs associated with bringing oil and gas that far,’ he said. ‘What [Asia] wants more than anything is to diversify their sources.’
Mr. Kucharski said Canada represents a ‘stable,’ ‘friendly,’ and ‘reliable’ potential energy partner for Asian markets.
There’s a natural fit between the market, he added, but Canada can’t get its oil to those markets right now. […]
“‘Our [oil and gas] producers were quite happy to sell it all to [the United States],’ he said, but they hadn’t foreseen the risk of relying on a single customer.
“‘Those risks came home to roost,' he said, pointing to the cancellation of the Keystone XL pipeline by the Obama administration and the fact that the U.S. has a self-sufficient oil market.”