Western Canadian Select (WCS) crude oil monthly price 2022-2024
In March 2024, the average monthly price of the Canadian oil benchmark Western Canadian Select amounted to 61.28 U.S. dollars per barrel. It was the third consecutive month that prices increased amid heightened geopolitical tension in the Middle East. Western Canadian Select is a heavy sour blend of crude oil, produced exclusively in Western Canada.
Western Canada’s oil production
As a country with one of the largest oil reserves in the world, the Canadian oil sands are a crucial part of the Canadian energy sector. Not only are the oil sands a vital part of the Canadian energy supply, they play a large part in the Canadian economy. Furthermore, they are the largest single source of oil imports to their neighbors to the south, the United States. Oil sands are a combination of sand, water, and bitumen, and is therefore a more expensive source of crude oil than conventional oil, due to the large amount of processing required to produce a useable form of crude oil. The Canadian oil sands deposits are concentrated in the provinces of Alberta and Saskatchewan: Athabasca, Cold Lake, and Peace River.
Oil sands bitumen production and crude oil exports
In recent years, Canada’s oil sands production reached an output of some 180 million cubic meters per year, an increase from the 35.4 million cubic meters produced in 2000. Canada's exports of crude oil amount to close to 4.7 million barrels per day, of which the vast majority are destined for refineries in the U.S.
