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Oil industry in Canada - statistics & facts

Canada is the world's fourth-largest oil producing country. The oil and gas industry in Canada has operations (direct and industry-related) in twelve of Canada's thirteen provinces and territories, including offshore. Since 1980, oil production has nearly doubled in Canada, largely as a result of oil sands discoveries in the northwest of Alberta.

Alberta’s role in Canada’s oil industry

Alberta, sometimes referred to as 'the Texas of the North' is unquestionably the centerpiece for Canada's oil and gas industry. Although it lost its standing as the largest oil producing province to Saskatchewan in 2020, it houses the largest oil sands deposits of crude bitumen and is also the largest natural gas producing province by far. Meanwhile, the Atlantic seabed off the coast of Newfoundland, Labrador, and Nova Scotia houses Canada’s greatest remaining crude oil reserves, all of which is light crude.

Oil trading

Canadian oil sands sales are worth nearly 70 billion Canadian dollars. Producer sales values have increased by more than a third compared to the years of the global oil glut, which had severely impacted oil prices, including Western Canadian Select. The coronavirus pandemic and following crash in fuel demand resulted in the average price for 2020 falling to levels slightly lower than those seen in 2016.


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