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- A barrel of the North American oil benchmark is changing hands for about $90 US a barrel right now, but the heavy crude that comes from Canada's oilsands is fetching $30 less because of a perfect storm of imbalances between supply and demand. The oil blend known as West Texas Intermediate (WTI) was going for about $87 a barrel on Thursday.
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Is imported oil more expensive than Canadian crude oil?
Which country imports the most crude oil in Canada?
Which Canadian provinces have the lowest crude oil import cost?
How much did Canadian crude oil cost in 2022?
Jun 8, 2022 · Analysis. Why high oil prices aren't creating an economic boom in Canada. Typically that discount is about $10-$15 US a barrel, but recent events have pushed the gap to beyond $20. That's the...
Jun 12, 2024 · Prices rose again in the third quarter of 2023. The average cost of an imported barrel was $109 6 in 2023, relative to $126 in 2022. Prior to its closure in 2020, the refinery in Come by Chance, Newfoundland and Labrador could process up to 130 Mb/d of crude oil.
Aug 16, 2023 · The total cost of imported crude oil was $21.5 billion in 2022, 46% higher than the $14.7 billion cost in 2021.
- Figure 1. Countries Canada Imports Crude Oil from
- Figure 2. Origin and Cost of Crude Oil Imported to Eastern Provinces
- Figure 3. Weekly Refinery Crude Utilization by Region
Imports by region
In 2020, all of the eastern Canadian importing provinces imported less oil compared to 2019. The primary reason for the drop in imports during 2020 was related to COVID-19, as refineries processed less crude oil due to lower demand for refined petroleum products (e.g. gasoline and jet fuel) during the COVID-19 pandemic. Additionally, Newfoundland and Labrador’s crude oil imports dropped by more than 70% because of the idling of the Come by Chance Refineryin March 2020. The Come by Chance Refi...
Cost of imported oil
Generally, imported oil is more costly than Canadian crude oil transported by pipeline. The total cost of all imported crude oil was $11.5 billion in 2020, a drop of 40% from 2019 when the cost was $18.9 billionFootnote 2. This is due to both the 20% decline in imported volumes, and the decline in global crude prices due to OPEC+ actions and COVID-19market impacts. Newfoundland and Labrador had the highest import cost per barrel of crude oil in 2020 and throughout recent years. Newfoundland a...
Recovery of refinery utilizations
When the COVID-19 pandemic hit, refineries in all regions of Canada were materially impacted. Western Canadian refineries were impacted less than refineries in Ontario, Quebec, and Atlantic Canada. These western refineries, and to a lesser extent those in Ontario, made substantial recoveries by the end of 2020. Refineries in the main importing regions of Quebec and Atlantic Canada have been slower to recover from the pandemic impacts compared to refineries in the rest of Canada. As a result,...
Cost of imported oil
In 2020, Canada reduced its reliance on imports, especially non-U.S. imports. Overall, Canada imported less crude oil in 2020 than 2019 largely due to the impacts of the COVID-19 pandemic in reducing refinery demand. The cost of the total oil imported also declined substantially, as not only were import volumes lower, but global prices dropped early in the pandemic. Newfoundland and Labrador has been impacted most with the idling of the Come by Chance refinery, leaving the province without a...
Jun 27, 2024 · Increased Egress, Higher Prices. TMX is set to boost the price of Canada’s heavy crude oil for years to come, top executives at the major energy firms say. In 2023, WCS was valued at an average ...
1 day ago · The world’s largest oil importer flashes a warning about demand and crude prices. BY Bill Lehane and Bloomberg. July 6, 2024, 2:59 PM PDT. The number of supertankers headed for China dropped to ...
Jun 4, 2024 · Oil prices continued their slide on Tuesday on skepticism about an OPEC+ decision to boost supply later this year into a global market where demand has already shown signs of weakness.
