Pipeline Expansions Reshape Crude Supply Map: Canada, Uganda
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Canada's Trans Mountain pipeline reached full capacity in June at 890,000 bpd, with operators planning to add 300,000 bpd of new capacity by 2028, two-thirds of it destined for Asian buyers via the Pacific route.
Elsewhere, structural supply is expanding on multiple fronts: Uganda is on track to become a new crude exporter by early 2027 via a pipeline to Tanzania's coast, while Chevron is doubling its Venezuela rig count under a $7 billion, five-year plan targeting 600,000 bpd.
These diversification moves matter for commodity traders because they signal new non-OPEC supply sources emerging just as Middle East disruptions keep near-term prices elevated.