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Aug 23, 2024 · WCS oil price. Oil prices are measured in US dollars per barrel as reported by Western Canada Select (WCS), the price obtained for many Alberta producers of oil, and West Texas Intermediate (WTI), a world reference price usually quoted in the media. On this page: Alberta API.
Base-price case WTI: The forecast average price is US$76.00/bbl in 2024, strengthening to US$77.00/bbl in 2025. The price is expected to increase to US$83.63 in 2033. Low-price case WTI: The forecast is US$46.47/bbl in 2024 and projected to be US$46.45/bbl in 2033.
- Energy Production
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- Energy Authorities
Crude Oil
1. In 2023, Alberta produced 4.3 million barrels per day (MMb/d) of crude oil (including condensate and pentanes plus) (Figure 1). Alberta is the largest producer of crude oil in Canada, accounting for 84% of total Canadian production in 2023. 2. Over three-quarters of Alberta’s crude oil production comes from the oil sands in northern Alberta. In 2023, Alberta had 8 operating oil sands mines, and 26 thermal in situ oil sands operations.Footnote 1 In 2023, Alberta produced 3.4 MMb/d of oil sa...
Refined Petroleum Products
1. Alberta has five refineries: Strathcona (Imperial Oil),Footnote 7 Edmonton (Suncor),Footnote 8 and Scotford (Shell)Footnote 9 in the Edmonton area; Sturgeon (NWR)Footnote 10 in Redwater; and Lloydminster (Cenovus)Footnote 11in Lloydminster. Combined, these refineries have a total oil processing capacity of 569 Mb/d, making Alberta the province with the largest refining capacity in Canada. Alberta’s refineries process only western Canadian crude oil, including a large proportion of blended...
Natural Gas/Natural Gas Liquids
1. In 2023, natural gas production in Alberta averaged 10.9 billion cubic feet per day (Bcf/d) (Figure 1). Alberta produced 61% of Canada’s total natural gas production in 2023. 2. At the end of 2022, Alberta’s total potential for recoverable, sales-quality natural gas is estimated to be 563 trillion cubic feet (Tcf), with 372 Tcf remaining after production is subtracted.Footnote 15 3. Some NGLs are fractionated into individual components (for example, ethane, propane, butane, and condensate)...
Crude Oil and Liquids
1. Alberta has a vast network of crude oil and condensate pipelines that gather and deliver crude oil from production regions to pipeline and storage hubs in Edmonton and Hardisty (Figure 3). 2. The Enbridge MainlineFootnote 27 system is Canada’s largest transporter of crude oil. The Mainline starts in Edmonton and delivers light and heavy crude oil, RPPs, and NGLs to markets in the Prairies, U.S. Midwest, and Ontario. 3. The Trans Mountain PipelineFootnote 28also starts in Edmonton and trans...
Natural Gas
1. Major pipelines that transport Alberta’s natural gas to other provinces and to the U.S. include: Nova Gas Transmission Ltd. (NGTL),Footnote 41 TC Canadian Mainline,Footnote 42 Foothills,Footnote 43 and AllianceFootnote 44 (Figure 4). The first three are owned by TC Energy. Alliance is owned by Alliance Pipeline Ltd., which is a wholly-owned subsidiary of Pembina Pipeline Corporation. 2. The NGTL System extends through most of Alberta and transports western Canada-produced natural gas to ma...
Natural Gas Liquids
1. Alberta has many pipelines that transport natural gas liquids, including ethane, propane, butanes, and NGL mixes. 2. NGLs are primarily transported out of Alberta on rail cars across North America, or as NGL mixes on the Enbridge Mainline to Sarnia, Ontario, and the U.S. Midwest. 3. Plains Midstream Canada's Petroleum Transmission Company (PTC) PipelineFootnote 51delivers propane and butane produced at the Empress straddle plants to rail and truck terminals in the Prairies. PTC has a capac...
Total Energy Consumption
1. Total end-use energy demand in Alberta was 3,867 petajoules (PJ) in 2020. Industrial energy demand made up 75% of total demand, followed by transportation at 10%, the commercial sector at 10%, and residential at 6% (Figure 5). In 2020, Alberta’s total end-use demand was the largest in Canada, and the largest on a per capita basis, mainly due to the oil and gas industry. 2. Natural gas was the main fuel type consumed in Alberta, accounting for 2,253 PJ, or 58% of consumption in 2020. RPPs a...
Refined Petroleum Products
1. Alberta’s motor gasoline demand in 2022 was 1,219 litres per capita, 18% above the national average of 1,035 litres per capita. 2. Alberta’s diesel demand in 2022 was 1,393 litres per capita, 80% above the national average of 772 litres per capita. 3. Alberta has a net surplus of RPPs and nearly all the gasoline consumed in Alberta is produced within the province.
Natural Gas
1. In 2023, Alberta consumed an average of 6.9 Bcf/d of natural gas. Alberta’s natural gas demand is 58% of total Canadian demand. 2. The largest consuming sector for natural gas was the industrial sector (including heavy oil and oil sands production), which consumed 6.2 Bcf/d in 2023. The residential and commercial sectors consumed 0.39 Bcf/d and 0.35 Bcf/d, respectively.
This page introduces the oil price indices West Texas Intermediate (WTI) and Western Canadian Select (WCS). These are both important oil price benchmarks.
The price a producer receives for a barrel of oil depends on the type of oil, where it’s produced, and where it is sold. Price fluctuations also occur due to changes in market demand and supply. It is important to consider the following information when discussing the price of crude oil in Alberta.
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