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- Canada's crude oil export volumes increased at an annual average rate of 6.2% over that time. Largely as a result of the COVID-19 pandemic, 2020 was a year without precedent. The value of crude oil exports fell 40.1% compared with 2019.
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Dec 16, 2020 · Release date: 2020-12-16. After reaching an all-time high of 4.09 million barrels per day (MMb/d) in February 2020, Canadian crude oil exports dropped almost three-quarters of a million barrels per day to 3.34 MMb/d in May 2020; the lowest level in three years.
- 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 ...
Nov 7, 2023 · Chart description. This is a line chart. Note (s): Data are on a balance-of-payments basis and are seasonally adjusted. Source (s): Table 12-10-0121-01. Date modified: 2023-11-07. none.
- 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.
Jul 28, 2021 · In 2020, crude oil exports reached 5.03 MMb/d (798.92 10 3 m 3 /d) in February, with crude oil exports at 82% of production. Production has increased over the years because of improved technologies like steam assisted gravity drainage in the oil sands and horizontal wells in conventional fields.
This retrospective highlights some of the factors that influenced the trends in Canadian crude oil exports, coupled with other key indicators, including impacts on Canadian balance of trade, crude oil production, and industry investment.
Release date: 2020-10-14. In recent years, despite increased crude oil production in the United States (U.S.), Canada’s crude oil exports to the U.S. have also grown significantly. Between 2010 and 2019, U.S. crude oil production increased 123% to 12.2 million barrels per day (MMb/d).
