Canadian Prime Minister Mark Carney shakes hands with Alberta's Premier Danielle Smith before the signing of their MOU
Canada’s Asian pivot faces hurdles
The federal government is working with Alberta to improve the country’s access to Asian markets and reduce dependence on the US, but there are challenges to their plans
Canadian Prime Minister Mark Carney and Alberta Premier Danielle Smith signed a memorandum of understanding (MOU) in November outlining key energy initiatives, including a new pipeline from Alberta to the Pacific. The project is designed to reduce dependence on the US by increasing access to Asian growth markets and aims to narrow heavy crude price differentials against global benchmarks. Opponents warn the plan faces significant challenges, including the tanker moratorium on British Columbia’s northern coast, Indigenous consent requirements and complex regulatory hurdles. In addition to the pipeline, the MOU also covers a large-scale carbon capture venture and the development of nuclear pow
Also in this section
4 March 2026
The US president has repeatedly promised to lower gasoline prices, but this ambition conflicts with his parallel aim to increase drilling and could be upended by his war against Iran
4 March 2026
With the Strait of Hormuz effectively closed following US-Israel strikes and Iran’s retaliatory escalation, Fujairah has become the region’s critical pressure release valve—and is now under serious threat
3 March 2026
The killing of Iran’s Supreme Leader Ayatollah Khamenei in US–Israeli strikes marks the most serious escalation in the region in decades and a bigger potential threat to the oil market than the start of the Russia-Ukraine crisis
2 March 2026
A potential blockade of the Strait of Hormuz following the escalating US-Iran conflict risks disrupting Qatari LNG exports that underpin global gas markets, exposing Asia and other markets to sharp price spikes, cargo shortages and renewed reliance on dirtier fuels
