Investing.com -- The United States continues to depend on Canadian oil imports despite claims made by U.S. President Donald Trump, according to Cenovus Energy (NYSE: CVE )’s CEO on Tuesday.

Speaking at a conference in Calgary, Alberta, Cenovus CEO Jon McKenzie stated that the U.S. maintains its reliance on Canadian oil, contradicting assertions made by Trump.

Canada exports nearly 4 million barrels of oil per day to the United States. Trump has made inconsistent threats about imposing tariffs on this Canadian oil.

McKenzie also noted that Canada remains dependent on U.S. energy systems and emphasized that his country needs to diversify its customer base.

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