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- Fluctuations in the value of Canadian energy exports affect many macroeconomic variables in the Canadian economy, including jobs, GDP, and labour income. An increase in the production and export of oil and gas products boosts Canada’s economic performance and federal and provincial government revenues.
www.canadianenergycentre.ca/projected-impact-of-increased-oil-and-gas-exports/Projected impact of increased oil and gas exports - Canadian ...
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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.
Aug 21, 2024 · Crude oil exports continued to grow in 2023, reaching a record high of 4 million barrels per (MMb/d), an increase of 3% from 2022. This growth was supported by record high Canadian oil production in 2023. In 2023, crude oil exports amounted to 81% of the country's total crude oil production 1 2.
- Canadian Oil Production
- Crude Oil Export Values
- Canada’s Trade Balance
- Access The Data Used in This Report
- Appendix
In the last 30 years, Canadian crude oil* production grew at a sustained pace, first led by conventional oil*, and for the last 15 years by oil sands*. Canadian crude oil production has grown considerably over the last 30 years, from 1.7 million barrels per day (b/d) in 1990 to 4.7 million b/d in 2019. Conventional types of oil, light and heavy, co...
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. Over the past 30 years, crude has continually been one of the top ...
Strength in exports of crude oil sustains Canada’s trade balance. Canada’s merchandise trade balance, measured as the difference between its exports and imports of goods on a balance of payments basis, is strongly influenced by crude oil exports. In addition to being a closely-watched indicator in its own right, the goods trade balance directly inf...
The data aggregated and created for this report are available as open datasets for download on Open Government.
The crude oil data used in this report come from a number of different sources from both the CER and Statistics Canada. Naturally, there are some differences in each department’s data. For conceptual and analytical purposes, there is alignment in the definition of crude oil used throughout this report. For a thorough comparison of the various data ...
An increase in the production and export of oil and gas products boosts Canada’s economic performance and federal and provincial government revenues. Studies have shown that exports have a positive impact on economic growth.
Jan 27, 2022 · An increase in the production and export of oil and gas products boosts Canada’s economic performance and federal and provincial government revenues. Studies have shown that exports have a positive impact on economic growth.
Jul 17, 2024 · Canada saw a record-high oil production in 2023 amid expanding oil sands output. Combined, crude oil, NGLs, and natural gas exports accounted for roughly 20% of total Canadian exports...
Mar 7, 2024 · Production this year will carry positive impacts for Canadian real GDP, aiding a 2024 soft landing scenario. On an industry-level basis, the oil and gas sector accounts for 4% of total GDP. With annual production growth pegged between 6–10%, this translates to 0.2–0.4 ppts added to total GDP.
