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- Investments in Canadian oil and gas are rising from their 2020 lows due to higher prices. But other factors are becoming more important for the industry, such as environmental, social, and governance (ESG 1) considerations and net-zero emissions policies.
www.cer-rec.gc.ca/en/data-analysis/energy-markets/market-snapshots/2022/market-snapshot-historical-trends-canadian-oil-gas-investment.htmlMarket Snapshot: Historical Trends in Canadian Oil and Gas ...
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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.
Sep 21, 2023 · Oil stocks are naturally rising along with the price of the commodity they sell, but if the gains in the price of oil don’t hold up long term, that will sooner or later show up in...
Nov 23, 2022 · Investments in Canadian oil and gas are rising from their 2020 lows due to higher prices. But other factors are becoming more important for the industry, such as environmental, social, and governance (ESG 1) considerations and net-zero emissions policies.
Apr 11, 2022 · Canadian oil stocks could stand to generate significant long-term growth with the backing of strong commodity prices. Suncor stock trades for $41.12 per share at writing,...
- 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...
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. Pete...
Oct 13, 2021 · Canada’s oil and gas industry has long been a driver of the country’s economic growth. Hence, the outlook for the industry’s future profitability is an important determinant of capital investment rates and employment trends for the industry and the country as a whole going forward.
