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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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Overall, crude oil export values in 2020 fell 40.1% from the previous year. Exports of crude oil accounted for 9.6% of total export values in 2020, down from 14.1% a year earlier, but remained Canada’s top exported product for the year.
- 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.
Dec 16, 2020 · 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.
Canada's total exports in 2019. 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.
Nov 7, 2023 · Exports of crude oil and bitumen. Data are on a balance-of-payments basis and are seasonally adjusted. Table 12-10-0121-01.
Jul 28, 2021 · In 2020, despite the impact of COVID 19, Canada exported almost 3.7 MMb/d, which was around 82% of the 4.5 MMb/d of crude oil it produced. Since 2010, exports from Canada have increased to the U.S. Midwest (PADD 2) and Gulf Coast (PADD 3) regions. 2 PADD 2 is currently the largest market for Canada’s crude oil, taking 58% of exports in 2020.
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.
