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Budget assumptions versus daily Brent spot prices and year-to-date (YTD) averages. Fiscal Year. Note: The daily Brent spot prices are the daily Brent closing spot prices from the U.S. Energy Information Administration.
Brent crude oil prices increased in May 2024, averaging US$81.75/barrel, up 8.3% from US$75.47/barrel in May 2023. The estimated value of Newfoundland and Labrador’s crude oil output is in Canadian dollars; the average Canada-US exchange rate in April 2024 stood at 73.1 cents/US dollar, compared to 74.2 cents/US dollar in April 2023.
The purpose of this report is to show how the oil and gas industry impacts the Newfoundland and Labrador economy and how potential growth in output in the years ahead could benefit the province. Specifically, the report will address: • The current economic impact of the offshore oil industry on the Newfoundland and Labrador economy, including:
The current price of WTI crude oil as of July 04, 2024 is $83.97 per barrel. Interactive chart showing the daily closing price for West Texas Intermediate (NYMEX) Crude Oil over the last 10 years. The prices shown are in U.S. dollars.
- 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).
In 2020, Newfoundland and Labrador’s oil production was 282.7 thousand barrels per day (Mb/d), or 5% of Canada’s overall production and 24% of Canada’s light oil production. ( Figure 1 ). Newfoundland and Labrador is the largest producer of crude oil in eastern Canada, and is the third largest oil producing province in Canada, after ...
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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].
