Chicago commodity market is now available to buy crude oil, the first major oil export market to be open to Canadian oil sands producers.
The Chicago Commodity Exchange opened to foreign firms last month, allowing them to buy U.S. crude from Canadian companies.
It is the first time Canadian oil producers have been allowed to import Canadian oil from Canada to the United States.
The commodities exchange’s chief executive, John Voss, said it’s important to note that there are significant costs associated with importing Canadian crude oil.
It requires a significant investment and takes time to develop the infrastructure and infrastructure is not built right now, Voss said.
The commodity exchange is the third major oil-sands exchange to be opened in Canada, following the Calgary Stampede and Edmonton International.
The Calgary Stamps are the largest annual event in the country, with the Canadian oilpatch accounting for more than 10% of the $2.5 billion annual economic impact of the event, according to a Globe and Mail report.
The Edmonton International is the biggest annual oil-field-related event in Canada.