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Budget assumptions versus daily Brent spot prices and year-to-date (YTD) averages. Fiscal Year. 2022-23; 2021-22; 2020-21; 2019-20; 2018-19; 2017-18; 2016-17; Note: The daily Brent spot prices are the daily Brent closing spot prices from the U.S. Energy Information Administration
Newfoundland and Labrador -0.80 -2.2 -1.4 COVID-19 Impacts on Canadian Jurisdictions ($B) Note: Other provinces have not provided Budget/Fiscal Updates since COVID-19
29.3% in the first three quarters of 2019. Prices On a year-over-year basis, the Consumer Price Index (CPI) was 0.9% higher in the first nine months of 2019 (see chart). Lower prices for fuel oil (down 3.8%) and gasoline (down 6.1%) moderated the overall increase in the CPI. Both fuel oil and gasoline have been impacted by
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- Crude Oil Production Exceeds pre-pandemic Levels
- Resurgence of Covid-19 Impacts Refinery Activity
- Electricity Generation and Consumption Decline Year Over Year on Lower Demand
- Production of Coal Continues to Decrease Year Over Year
- Energy: Year in Review 2020
- Contact Information
Production of crude oil and equivalent products edged down 0.2% to 24.4 million cubic metres (153.4 million barrels) in December. Following eight consecutive monthly year-over-year production declines, December posted the smallest year-over-year change since March, signalling a possible easing of the effects of the COVID-19 pandemic on the Canadian...
Measures imposed to tackle the resurgence of COVID-19 affected Canadian refinery activities in December. Inputs of crude oil to refineries fell 9.4% year over year to 7.7 million cubic metres—the lowest level in three months. Net production of finished petroleum products fell 10.3% year over year to 9.2 million cubic metres, primarily because of fi...
Following a 5.1% decrease in November, electricity generation fell 1.3% year over year to 61.2 million megawatt-hours (MWh) in December. This decline was primarily driven by nuclear generation, down 14.1% year over year to 7.3 million MWh. Electricity generated from combustible fuels (-4.8% to 11.3 million MWh) was also down, mostly because of lowe...
Coal production was down 14.1% year over year to 3.8 million tonnes in December, while coke production decreased 4.5% to 184.9 thousand tonnes.
The COVID-19 pandemic greatly impacted the Canadian energy sector in 2020, with both production and consumption of energy products decreasing significantly. From March 2020 onward, government- and industry-enforced lockdowns and stay-at-home orders to prevent the spread of the coronavirus directly contributed to sharply lower demand, reduced econom...
For more information, or to enquire about the concepts, methods or data quality of this release, contact us (toll-free 1-800-263-1136; 514-283-8300; STATCAN.infostats-infostats.STATCAN@canada.ca) or Media Relations (613-951-4636; STATCAN.mediahotline-ligneinfomedias.STATCAN@canada.ca).
Mar 11, 2020 · Release date: 2020-03-11. Newfoundland and Labrador is the dominant producer of crude oil outside of western Canada, producing approximately 6% of Canada’s total production in 2019. All five of Newfoundland and Labrador’s currently producing projects and recent discoveries are offshore [PDF].
Jul 27, 2020 · Newfoundland and Labrador: 2020–21 Fiscal Update. PANDEMIC, GLOBAL OIL PRICE SHOCK EXTEND RECOVERY. SUMMARY. COVID-19 is expected to drive Newfoundland and Labrador’s fiscal year 2020–21 (FY21) deficit to a near-record $2.1 bn (and a record 7.3% of nominal GDP) (chart 1) according to a fiscal update released Friday.
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Within three months, the price had plunged to $9.12 (USD) and recovered somewhat to stand at $50.22 (USD) at the end of 2020. In those 12 months, oil exploration and production company strategies made a pivot from exploration expansion to managing reduced cash flows.
