Western Canadian Select (WCS) crude oil monthly price 2020-2021

In November 2021, the average monthly price of the Canadian oil benchmark Western Canadian Select amounted to 65.25 U.S. dollars per barrel. That was an increase of over 30 U.S. dollars compared to the price a year prior, which had been the result of the coronavirus pandemic and subsequent decline in oil demand. Western Canadian Select is a heavy sour blend of crude oil, produced exclusively in Western Canada.

Western Canada’s oil production

As the 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.

Canadian oil sands by the numbers

In 2020, Canada’s oil sands production amounted to a total of about 164.9 million cubic meters, an increase from the 35.4 million cubic meters produced in 2000. The oil sands in Canada are a lucrative natural resource, with a value of 61.3 billion Canadian dollars.