Western Canadian Select (WCS) crude oil monthly price 2018-2019
Average monthly Western Canadian Select (WCS) crude oil price from April 2018 to April 2019 (in U.S. dollars per barrel)
In April 2019, the average monthly price of the Canadian oil benchmark Western Canadian Select (WCS) was 54.02 U.S. dollars per barrel. WCS is a heavy sour blend of crude oil, produced exclusively in Western Canada.
Western Canada’s oil production
As the country with the third-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 2016, Canada’s oil sands production amounted to a total of about 140.2 million cubic meters, an increase from the 137.3 million cubic meters produced the previous year. The oil sands in Canada are a lucrative natural resource, with a value of more than 40 billion Canadian dollars in 2016. About 6,403 new oil wells were drilled in Canada in 2017. It is projected (in the high case scenario) that production will reach 7.49 million barrels per day in 2038.
Average monthly Western Canadian Select (WCS) crude oil price from April 2018 to April 2019 (in U.S. dollars per barrel)
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Statistics on "Canada's oil and gas industry"
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