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- Canadian oil and gas companies reaped record profits in 2022 as the war in Ukraine and global fears about energy security drove commodity prices sky-high in the spring of last year. But prices have been weighed down so far in 2023 by uncertainty over the stickiness of global inflation and the chance of a coming economic recession.
www.ctvnews.ca/business/oil-could-be-headed-back-to-us-100-a-barrel-this-year-industry-experts-1.6342576Oil and gas: Prices headed back, experts in Canada say - CTV News
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- Crude oil price. 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) from January 2019 to February 2021.
- Production and employment. Chart 2 presents monthly production and employment in the oil and gas extraction industry and in all industries as a whole from January 2019 to April 2021.
- Crude oil and merchandise exports. The global value chain and, therefore, merchandise exports have been greatly affected by the pandemic because of declining demand.
- Capital expenditures. Capital expenditures in oil and gas extraction are highly related to crude oil price. Lower oil prices will drive down the profit level of oil and gas extraction and ultimately discourage investment in the industry, and this will affect its production capacity in the long term.
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...
Nov 23, 2022 · By mid-2014, Canadian oil and gas investments reached a new high of over $80 billion, with the sector’s share of total industrial investment also peaking that year at 24%. By late 2014 to early 2015, however, crude oil prices – and Canadian oil and gas investment – fell rapidly.
Apr 4, 2023 · A surprise production cut by the Organization of Petroleum Exporting Countries and its allies (OPEC plus) is just one factor lifting the spirits of Canada's energy sector executives these days, as...
Jun 13, 2022 · Fuel costs are at record highs across Canada as oil prices show few signs of slipping. (Kyle Bakx/CBC) With so much pain at the gas pumps these days and the extraordinary price of oil around the...
Crude oil rises to become Canada’s top exported product. Canadian crude oil export values rose significantly over the past 30 years. While export volumes increased steadily over time, volatility in export prices has generally driven the trends observed in the value of these exports.
The price of oil shown is adjusted for inflation using the headline CPI and is shown by default on a logarithmic scale. The current month is updated on an hourly basis with today's latest value. The current price of WTI crude oil as of September 27, 2024 is $68.18 per barrel.
