The Suncor Energy oil refinery in Edmonton, Alberta, Canada, on Wednesday, April 5, 2023. Canadian oil producers beset by years of constrained pipeline capacity expect to garner better prices for their crude when the expanded Trans Mountain conduit starts up next year, opening them to new markets in Asia.

Canada’s oil producers are poised to pour about half a million barrels of new daily output - more than the total production of some OPEC members - into world markets over the next year or so.

And while the deluge of new crude will be a boon to an industry that has struggled to grow recently, it threatens to expand a global supply surplus and revive the pipeline shortages that have bedeviled Canadian drillers for years, something that could once again severely depress the price of the country’s oil exports.