Rising North American oil output is forcing Canadian offshore producers to market their light and medium sweet crudes further afield. More cargoes are going to Latin America and even Asia- Pacific as traditional customers on the US and Canadian Atlantic coasts dry up. India’s IOC has bought 1mn bl of Canadian White Rose for January delivery, the refiner’s first Canadian crude purchase. Canadian offshore crude has been dipping to a discount to Abu Dhabi light sour Murban, making long-haul shipments more viable (see graph). But most of the trade in the offshore grades has been to Latin America, where shipments are displacing imports from west Africa and the North Sea. Around 10pc of Chile’s roughly 160,000 b/d of crude imports now come from Canada, up from 1pc last year.
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