OTTAWA, May 9 -- The newly completed Trans Mountain pipeline expansion will boost exports of Canadian crude oil, Statistics Canada said Thursday.

In its annual trade review, the national statistical agency said Canadian crude oil in particular may benefit from the completion of the Trans Mountain pipeline expansion project in 2024, adding that the increased capacity to transport crude oil should bolster exports of this product to markets in Asia and the West Coast of the United States.

Canada's Crown corporation Trans Mountain announced on May 1 the commercial start of the long-awaited crude oil pipeline expansion from oil-producing Alberta to the British Columbia coast which will increase the Trans Mountain system's shipping capacity from 300,000 to 890,000 barrels per day.

Expanding to new markets could also translate into a smaller differential between the benchmark price of North American light crude oil (West Texas Intermediate) and Canadian heavy crude oil (Western Canadian Select), which would encourage an increase in the value of Canadian crude oil exports, the agency said.

Changes in economic activity in 2024, as well as factors such as production and inventory levels in North America, production targets of the Organization of the Petroleum Exporting Countries and its partners (OPEC+), and evolving global conflicts, will continue to influence crude oil prices, the agency said.

In 2023, the value of Canada's annual merchandise exports decreased 1.4 percent to 768.2 billion Canadian dollars (561.7 billion U.S. dollars), while the value of annual imports rose 1.4 percent to 770.2 billion Canadian dollars (563.1 billion U.S. dollars), essentially in a balanced position, Statistics Canada said.

  - Xinhua