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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.
- 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 ...
Jul 17, 2024 · By Tsvetana Paraskova - Jul 17, 2024, 11:00 AM CDT. Alongside surging production, Canada’s oil and gas exports jumped in the period 2002 to 2022. Canada saw a record-high oil production in 2023 ...
Aug 21, 2024 · In 2023, crude oil exports amounted to 81% of the country's total crude oil production 1 2. These exports were valued at $124 billion, representing 16% of Canada's total export value 3. The United States (U.S.) remains the primary destination for Canadian crude oil, receiving approximately 97% of Canada’s crude oil exports in 2023.
Dec 13, 2021 · In 2017, the GDP associated with Canada’s oil and gas sector totaled $128 billion, or 6.4 per cent of the total Canadian economy. In 2017, the output, or value of goods and services produced by the Canadian oil and gas sector and its supply chain, was $241 billion, representing about 6.4 per cent of Canada’s total output, (see Table 1).
Mar 29, 2022 · As global oil demand has surged after COVID-19, Canada’s crude oil exports have also significantly increased in 2021 compared to 2020 and will likely continue to grow in 2022 and beyond. Particularly in the event of a prolonged Russia-Ukraine conflict, it is worth noting that every barrel of crude oil that flows through pipelines has a positive impact on the Canadian economy.
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Since 1988, the value of Canada’s crude oil and natural gas product exports has been as low as $14 billion (in 1988) and as high as $123.8 billion (in 2014). After 2014, crude oil and natural gas exports ranged from a low of $64.9 billion in 2016 to a high of $102.1 billion in 2019. Between 1988 and 2019, the real value of Canadian crude oil ...
