Alberta, sometimes referred to as 'the Texas of the North' is unquestionably the centerpiece for Canada's oil and gas industry. It is the largest oil producing province, producing some 28.3 million cubic meters of crude oil in 2019 from its large oil sands deposits of crude bitumen. It is also the largest natural gas producing province in Canada by far, producing 126.1 billion cubic meters of natural gas in 2019. A large share of Canadian people employed directly and indirectly by the oil and gas industry work in Alberta. Saskatchewan also produces a significant amount of Canada's crude oil, as the second-largest crude oil producing province. Saskatchewan holds some 24.6 million cubic meters in oil reserves, the majority of which is heavy crude.
The sales value of oil sands reached 62.2 billion Canadian dollars in 2018. This was an increase of more than a third compared to two years prior, when the global oil glut had severely impacted oil prices, including Western Canadian Select. The coronavirus pandemic and following crash in fuel demand will likely result in the average price for 2020 falling to levels mirroring those seen in 2016. As many oil and gas giants, such as Suncor – Canada’s largest E&P company – are trying to weather potentially lower demand outlooks, these may also hamper future production output. Forecasts from 2019 had suggested daily oil sands production would reach 4.25 million barrels by 2035.