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Enbridge (NYSE:ENB) is bullish on its Mainline pipeline system, with forecasts that Canadian oil manufacturing may exceed the nation’s pipeline export capability as early as 2026, CEO Greg Ebel mentioned Wednesday following the corporate’s investor day, based on Bloomberg.
The CEO mentioned he now believes Canadian oil manufacturing will develop by greater than 500K bbl/day within the subsequent 3-4 years, a shift from latest typical knowledge that the Mainline community would undergo when the Trans Mountain pipeline growth opened and started providing oil corporations entry to new export markets off the West Coast.
“As quickly as folks assume there’s an excessive amount of pipeline capability, there’s extra manufacturing being produced and extra want for that manufacturing, so that you want pipelines,” Ebel mentioned.
“TMX was supposed to come back in earlier than the top of the last decade… and it’s nonetheless not fairly in service,” and oil corporations have been ramping up output in anticipation of the brand new export capability, “and as such, the necessity for added capability remains to be going to be required.” Ebel mentioned.
Crude oil manufacturing in Alberta reached an all-time excessive in 2023, based on Statistics Canada, with its greatest January ever throughout 2024 with output of three.81M bbl/day.
At its investor day, Enbridge (ENB) reaffirmed its 2024 forecast for 3M bbl/day of oil shipments on its Mainline community, solely barely beneath the three.1M bbl/day annual common achieved in 2023.
