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Jul 28, 2021 · The price of crude oil is the most important factor that drives production and investment in the oil and gas extraction sector. Chart 1 presents movements in two of the most relevant crude oil prices for Canada, the WTI and the Western Canadian Select (WCS) Note from January 2019 to February 2021.
- The Daily — Oil and gas extraction, 2022 - Statistics Canada
According to the Raw materials price index, the price of...
- The Daily — Oil and gas extraction, 2022 - Statistics Canada
Western Canadian Select (WCS) is the most important oil price index in Western Canada. The price received by Canadian oil producers is often based on WCS. Limited transportation infrastructure causes a large discount in WCS in relation to West Texas Intermediate (WTI).
Jun 8, 2022 · Analysis. Why high oil prices aren't creating an economic boom in Canada. Typically that discount is about $10-$15 US a barrel, but recent events have pushed the gap to beyond $20. That's the...
Mar 7, 2024 · Barring any unforeseen circumstances, Canada could be the largest source of increased oil supply across the globe in 2024. Canada should be able to capitalize on higher prices paid for our oil as well as the forthcoming ability to get Western oil reaching international markets.
- Top Line Impacts
- GDP and Output
- Jobs
- GDP
- Output
- Conclusion
The Canadian oil and gas sector has both direct and indirect impacts on the national and provincial economies, including on GDP, jobs, and output generated in other key industries.
In 2017, the GDP associated with Canada’s oil and gas sector totaled $128 billion, or 6.4 per cent of the total Canadian economy. In 2017, the output, or value of goods and services produced by the Canadian oil and gas sector and its supply chain, was $241 billion, representing about 6.4 per cent of Canada’s total output, (see Table 1).
In 2017, there was a total of 611,362 jobs associated with the Canadian oil and gas sector – 216,285 direct and 395,077 indirect – representing about 3.2 per cent of all jobs across Canada (see Table 2). In 2017, the total compensation paid to oil and gas extraction sector workers alone was over $13.3 billion (Statistics Canada, 2021f).
The activities of the Canadian oil and gas sector are responsible for significant portions of GDP in key industries across Canada. They range from approximately $370 million in GDP in Statistics Canada’s North American Industry Classification System (NAICS) sector categorized as office administrative services, or 4.1 per cent of that sector’s GDP, ...
The oil and gas industry and its supply chain purchased nearly $139 million worth of goods and services from Canada’s NAICS general merchandise stores sector, or 0.8 per cent of that sector’s total output. Oil and gas producers and suppliers also purchased over $7.1 billion of goods and services from the architectural engineering and related servic...
The activities of the broad Canadian oil and gas sector are indirectly responsible for sizeable portions of GDP, employment, and output in key industries across Canada. The impact on the Canadian economy of the broad Canadian oil and gas sector, which includes both the direct and indirect impacts of oil and gas extraction and oil and gas investment...
Sep 27, 2023 · According to the Raw materials price index, the price of crude oil and bitumen in 2022 increased by 49.0% from 2021, while the price of natural gas increased by 25.6%. Total production for crude oil rose by 2.3% in 2022, while total natural gas production increased by 7.3%.
Feb 10, 2022 · The price of crude has hit levels not seen in years, but at least one economist said oil-rich Canada is not reaping the full benefits of these higher commodity prices it has in the past. Higher oil prices have always been a double-edged sword for Canada.
