Let’s Try That Again

22 May 2026: Canada revives plans for an additional crude export pipeline. Last week, on May 15, 2026, the provincial government of Alberta and the federal government of Canada announced that they have agreed on “a pathway to the construction of a new oil pipeline to Asian markets commencing as early as Sept. 1, 2027.” This announcement follows the signing of an “Alberta-Canada Energy Agreement” in November 2025. This represents the start of a long process of planning, consultations among all constituents, securing permits, raising funds and maybe, ultimately, construction. If successful, this new pipeline would add 1 Million barrels per day of export capacity to the West Coast of Canada by the mid-2030s. This pipeline, dubbed “Northern Gateway 2.0”, could fundamentally change crude oil trade flows in and around North America and have profound implications for the tanker market.