Speaking at the TD investor conference in Calgary, the President of OPEC firmly stated Canada’s need to invest into oil pipelines which could transfer Canadian crude and natural gas, or else see investment leave Canada and head for the United States.
“If you don’t have the major infrastructure, investors are going to go to your neighbor, where infrastructure is not an issue,” said Organization of the Petroleum Exporting Countries President Suhail al-Mazrouei. “Act and act quickly if you want to retain those investors. I am being frank because I want to be a true friend to the Canadians.”
“I don’t want them to lose opportunities.”
Background: Insufficient space in the country’s oil pipelines has deepened the discount Canada’s heavy crude can attract from U.S. refiners, compared with U.S. light oil futures.