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Jun 8, 2022 · Business · Analysis. Oil prices are rising, but Canada is getting comparatively less for every barrel — here's why. Gap between benchmark oil price and cost for oilsands blend is widening....
- Macroeconomics
- Energy Demand
- Crude Oil
- Natural Gas
- Natural Gas Liquids
- Electricity
- Hydrogen
- Greenhouse Gas Emissions
The economy is a key driver of the energy system. Economic growth, industrial output, inflation, exchange rates, and population growth all influence energy supply and demand trends. In the near term, the economy continues its gradual recovery from the COVID-19 pandemic. As shown in Figure R.1, total real gross domestic product (GDP)Definition *decl...
This section first discusses secondaryDefinition * (or “end-use”) energy demand projections by reviewing energy use by sector of the economy, before turning to our economy wide primary energy demandDefinition * projections. End-use demand includes electricity and hydrogen, while the fuel used to produce electricity and hydrogen is accounted for in ...
Crude oilDefinition * is produced in Canada for domestic refining as well as for export. In 2019, Canadian crude oil production averaged 4.9 million barrels per day (MMb/d) (784 thousand cubic metres per day (10³m³/d)). Production declined by 5% in 2020, largely due to the COVID-19 pandemic, but had returned to 2019 levels by the end of 2020. In re...
In Canada, natural gasDefinition * is produced for domestic use and exports. In 2020, Canadian marketable natural gas production averaged 15.5 Bcf/d or 438 million cubic metres per day (106>m³/d). Natural gas production in Alberta has been relatively flat over the last few years, while B.C. production has been steadily increasing since 2010. This i...
Natural gas liquids (NGLs) are produced along with natural gas, as well as from oil sands and refinery processes. Natural gas production is the main source of NGL production in Canada. Demand for certain NGLs adds value to natural gas production and has been a driver of natural gas drilling. Raw natural gas at a wellhead is comprised primarily of m...
In the Evolving Policies Scenario, electricity demand grows by 44% from 2021 to 2050, as shown in Figure R.23. This is driven by growth in all sectors, with transportation and hydrogen production being emerging growth areas. In transportation, electrification provides an alternative in a sector long-dominated by RPPDefinition *use. Hydrogen product...
In recent years there has been increasing interest in low-carbon hydrogen as an important fuel in Canada and the world’s transition to a low-carbon economy. Over the past few years, many countries including Canada, have released hydrogen strategies. EF2021 is the first edition of the Canada’s Energy Future series with a dedicated section on hydroge...
Currently, energy use and GHG emissions in Canada are closely related. ECCC produces Canada’s official emission projections for the United Nations Framework Convention on Climate Change.Footnote 31 The majority of GHGs emitted in Canada are a result of fossil fuel combustion. Fossil fuels provide much of the energy used to heat homes and businesses...
West Texas Intermediate (WTI) crude oil prices are forecast using futures data from the New York Mercantile Exchange (NYMEX), extending eight years into the future. Other US crude prices, such as Gulf Coast ASCI, Louisiana Light, and Alaskan North Slope are based on historical differentials to WTI.
Nov 1, 2021 · Selected Crude Oil Prices November 2021 (Canadian dollars per cubic metre) Note: Prices are not reported on weekends and American statutory holidays. Did you find what you were looking for? Date modified: 2022-01-10. Date Exchange Rate WTI.
Higher crude oil and natural gas prices in the near term, but lower prices in the longer term. Prices have trended higher than those in EF2020 in the near term, through the combined effect of pandemic recovery, vaccine rollout, and global crude oil production cuts.
Mar 1, 2021 · Brent: Brent is the main benchmark price for light sweet crude in international markets and specifies delivery at Sullom Voe terminal, United Kingdom. Western Canadian Select: Western Canada Select (WCS) is the main benchmark price for Canadian heavy crude and specifies delivery at Hardisty, Alberta. Mixed Sweet Blend: Mixed Sweet Blend (MSW ...
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The forecast for 2024 assumes that crude oil prices will be influenced by a slowdown of global economic activity due to elevated interest rates, the ability of the Organization of the Petroleum Exporting Countries and its allied non-member countries (collectively referred to as OPEC+) commitment to restrict supply, growing U.S. and non-OPEC+ pro...
