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U.S. refining demand expected to spur need for Canadian heavy oil in 2018: report

A new forecast from Deloitte says demand for Canadian heavy oil will likely rise this year as shrinking volumes from Mexico and Venezuela open new opportunities to sell to U.S. refineries.The accounting and consulting firm says the demand surge will work to overcome recently steeper price discounts received by Canadian producers due to pipeline outages that have stretched tight export transportation capacity.The report forecasts the benchmark West Texas Intermediate oil price will average about US$55 per barrel in 2018, up from US$50.84 in 2017, supported by an anticipated renewal of production limits by the Organization of Petroleum Exporting Countries.READ MORE: OPEC tries to boost oil prices by extending production cuts through 2018Watch below: Some videos from Global News’ ongoing coverage of the slide in oil prices that began in 2014.Oil prices rise again, Alberta adds jobs in October

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