CUSMA trade review hinges on oil sector confidence
Canada's trade minister says renewing the trade deal with the US and Mexico depends on resolving concerns around climate policy and the Pathways carbon project.
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Canada, Mexico and the United States will decide tomorrow whether to extend their trade agreement until 2042, maintaining the relationship for another six years beyond its expiry date in 2036.
Canada-US Trade Minister Dominic LeBlanc met with Fort McMurray business leaders on June 23, emphasizing the national importance of renewing these trade ties. Canadian crude oil exports to the United States reached $127.37 billion in 2025, and the Trans Mountain Pipeline that began operations in May 2024 added another 750,000 barrels per day to that value.
"It's like trying to unscramble an omelette," LeBlanc said, stressing the agreement has not been a one-way street and that "oil trade from Fort McMurray is an example of that economic partnership that has benefitted the American and Canadian economy."
Suncor Energy, headquartered in Alberta with its largest base plant located in Fort McMurray, has up to 65 per cent of its oil production refined in Canada, making it one of the largest Canadian retailers of petroleum and employers in the region. LeBlanc noted that discussions are in place with US trade representative Jamieson Greer, with meetings scheduled for next week to discuss technical matters the US wants to address bilaterally.
Meanwhile, Suncor has announced it will phase out approximately two hundred contractor positions from company-provided work camps to usher in the initial phase of a local residency mandate, shifting away from the long-standing fly-in, fly-out workforce model that has defined the oilsands industry for decades.
