CERAWeek: Canada seeking global energy opportunities
Canada’s energy future stands at a critical crossroads as the country faces challenges from US tariffs, while simultaneously eyeing new opportunities in global markets.
In a plenary session Mar. 11 at CERAWeek by S&P Global, Justin Bourque, President of Âsokan Generational Developments; Brian Jean, Minister of Energy and Minerals of Alberta; and Scott Moe, Premier of Saskatchewan, shared perspectives on the impact of tariffs imposed by the US, the importance of energy security and economic cooperation between the two countries, and Canada’s strategic outlook on expanding its energy influence globally.
Trump’s tariffs impact
The Trump administration’s decision to impose a 25% tariff on Canadian imports is set to disrupt the economies of both Canada and the US. Canadian officials said the tariffs hurt Canadian businesses, but also negatively impacted US consumers and industries.
Tariffs increase inflation and do nothing to benefit citizens. Stock prices are down, and the tariffs are threatening energy, manufacturing, and food security, while also leading to job losses on both sides of the border.
Hon. Moe stressed that Canada and the US share a continent and, as close allies and trading partners, have a shared responsibility to resolve tensions. He called for a renewed effort to engage in diplomatic negotiations to address the tariffs and restore economic stability.
“We are working on continental energy security,” Hon. Moe said. “Canadian oil flowing to US mid-west and Gulf Coast refiners creates jobs on both sides of the border and enhances energy security for North America.”
The ministers emphasized that Canada’s rich endowment of critical minerals—such as lithium, cobalt, and nickel—offers another area for strategic collaboration with the US. As both countries push to strengthen their supply chains, and advanced manufacturing, cooperation could unlock significant economic benefits.
Alberta’s strategy
Alberta, Canada’s energy powerhouse, is not just focused on resolving trade disputes—it is also looking toward global markets to expand its energy footprint. The province has seen remarkable growth in oil production and is positioning itself as a key player in the Asia-Pacific energy market, according to Hon. Jean.
“We will double our oil production,” the Alberta minister noted. “The best days are ahead of us,” Hon. Jean continued, futher noting that leaders need to drive positive change and establish strong, stable relationships with global partners. “Stability and predictability will be key to our success.”
With more LNG projects launching in BC, Canada is actively working to promote its energy sector globally, seeking to secure long-term trade relationships and diversify its export markets. This includes exploring new opportunities in Asia-pacific area and strengthening ties with key players in the global energy landscape.
Infrastructure challenges, indigenous collaboration
Despite its strong energy potential, Canada continues to face infrastructure challenges. Clear regulations and motivated governments are needed to advance infrastructure development.
Meantime, collaboration from Indigenous communities is also required. The communities must have a seat at the table and share in the economic benefits of energy and mining projects for long-term success and stability, said Bourque.
Conglin Xu | Managing Editor-Economics
Conglin Xu, Managing Editor-Economics, covers worldwide oil and gas market developments and macroeconomic factors, conducts analytical economic and financial research, generates estimates and forecasts, and compiles production and reserves statistics for Oil & Gas Journal. She joined OGJ in 2012 as Senior Economics Editor.
Xu holds a PhD in International Economics from the University of California at Santa Cruz. She was a Short-term Consultant at the World Bank and Summer Intern at the International Monetary Fund.
