In April 2025, the average monthly price of the Canadian oil benchmark Western Canadian Select amounted to ***** U.S. dollars per barrel. This was a decrease compared to the previous month. Western Canadian Select is a heavy sour blend of crude oil, produced exclusively in Western Canada. The importance of Canada’s oil sands Not only are the oil sands a vital part of the Canadian energy industry, they play a large part in the national economy as well. In 2023, the oil sands extraction industry contributed over ** billion Canadian dollars to Canada's GDP. This represented a share of **** percent of the total GDP. Furthermore, they are the largest single source of oil exports to their neighbors to the south, the United States. Oil sands are a combination of sand, water, and bitumen, and therefore a more expensive source of crude oil than conventional oil as oil sands require extensive processing. Meanwhile, that same year the contribution of conventional crude oil and gas extraction stood at ** billion Canadian dollars, which translated to **** percent of total GDP. Canada’s main oil export partner remains the U.S. In 2023, Canada’s oil exports amounted to over *** million barrels per day. This was a historical high and represented more than twice the amount exported in 2005 thanks to oil sand exploration. The United States is Canada’s main oil destination market, receiving ***** million metric tons in 2023. Far in second place came China, with *** million metric tons exported there that same year.

Key information about Canada Crude Oil: Exports

• Canada Crude Oil: Exports was reported at 3,401.265 Barrel/Day th in Dec 2023
• This records an increase from the previous number of 3,340.508 Barrel/Day th for Dec 2022
• Canada Crude Oil: Exports data is updated yearly, averaging 1,166.833 Barrel/Day th from Dec 1980 to 2023, with 44 observations
• The data reached an all-time high of 3,401.265 Barrel/Day th in 2023 and a record low of 163.028 Barrel/Day th in 1981
• Canada Crude Oil: Exports data remains active status in CEIC and is reported by Organization of the Petroleum Exporting Countries
• The data is categorized under World Trend Plus’s Association: Energy Sector – Table RB.OPEC.CO: Crude Oil Exports

In March 2025, some ****** million barrels of oil were extracted in Canada. Crude oil production in Canada net increased over the past three years, despite significant fluctuations, especially in times of lower crude oil prices and weak demand. A significant share of Canada's oil production occurs in the oil sands, mostly located in Alberta.

Canada Oil and Gas Upstream Market size is expected to develop revenue and exponential market growth at a remarkable CAGR during the forecast period from 2024 to 2031.

The oil and gas upstream is defined as the segment responsible for the exploration, extraction, and initial processing of crude oil and natural gas. Activities in this sector are primarily focused on locating and developing new reserves, with the use of advanced geological and technological tools being extensively applied.

Increasing investments in unconventional resource development, such as oil sands and shale gas, have been driving the growth of this sector. Rising global energy demands and advancements in extraction technologies have enabled previously inaccessible reserves to be tapped, enhancing production capabilities. The upstream market in Canada is further supported by robust export opportunities and policies that aim to strengthen the country’s role in the global energy supply chain.

The Canadian oil refineries market, while facing headwinds, presents a steady growth trajectory projected through 2033. Driven by consistent domestic demand for refined petroleum products, particularly gasoline and diesel fuel, the market exhibits a Compound Annual Growth Rate (CAGR) exceeding 1.10%. Key players like Irving Oil Ltd, Husky Energy Inc, Suncor Energy Inc, Imperial Oil Ltd, and Royal Dutch Shell PLC dominate the landscape, leveraging their established infrastructure and operational expertise. The market is segmented primarily by process type, with refineries and petrochemical plants accounting for the majority of activity. While fluctuating global crude oil prices pose a significant challenge, ongoing investments in refinery modernization and efficiency improvements, coupled with government policies aimed at supporting the energy sector, are expected to mitigate these risks. The North American market, particularly the United States and Canada, constitutes the primary region for this market, with Canada itself being a significant contributor owing to its robust energy production and refining capabilities. Growth is further influenced by the increasing adoption of cleaner fuel technologies and regulations aimed at reducing emissions. However, the transition towards cleaner energy sources and electric vehicles represents a long-term potential restraint. The forecast period (2025-2033) is anticipated to witness a moderate expansion of the Canadian oil refineries market, influenced by the interplay of several factors. The market size in 2025 is estimated at $15 billion USD (this figure is an educated estimation based on typical market sizes for similar economies and industries and the provided CAGR), growing steadily year-on-year. This growth will be fueled by consistent demand for refined products while simultaneously facing pressure from evolving environmental regulations and shifting consumer preferences. The continued focus on improving operational efficiencies and adapting to changing market demands will be crucial for the sustained success of major players within the Canadian oil refineries market. Future market performance will hinge on the balance between these factors, including government policies, global economic conditions, and technological advancements. Recent developments include: May 2022: Inter Pipeline Ltd announced that it is partnering with ITOCHU Corporation and PETRONAS Energy Canada Ltd to evaluate the development of world-scale integrated blue ammonia and blue methanol production facilities., Nov 2021: Northern Petrochemical Corporation announced plans to construct a USD 2.5 billion carbon-neutral ammonia and methanol production facility in Alberta's Grand Prairie region. This facility will be located within the Greenview Industrial Gateway.. Key drivers for this market are: 4., Increasing Investments in Renewable Energy Generation 4.; Supportive Government Policies Towards Green Energy. Potential restraints include: 4., Challenges In Installing Renewable Power in the Circulated Structure. Notable trends are: Canada’s Refining Sector is Expected to Dominate the Market.

Canada Crude Oil Production: Light: Conventional data was reported at 108,776.270 Cub m/Day in Aug 2024. This records an increase from the previous number of 105,396.341 Cub m/Day for Jul 2024. Canada Crude Oil Production: Light: Conventional data is updated monthly, averaging 130,080.906 Cub m/Day from Jan 1998 (Median) to Aug 2024, with 320 observations. The data reached an all-time high of 161,794.847 Cub m/Day in Mar 2014 and a record low of 96,535.392 Cub m/Day in Sep 2022. Canada Crude Oil Production: Light: Conventional data remains active status in CEIC and is reported by Canada Energy Regulator. The data is categorized under Global Database’s Canada – Table CA.RB021: Crude Oil Production.

Canada Crude Oil Export: Volume: by Rail data was reported at 1,742,842.090 Cub m in Dec 2018. This records an increase from the previous number of 1,575,115.862 Cub m for Nov 2018. Canada Crude Oil Export: Volume: by Rail data is updated monthly, averaging 600,678.793 Cub m from Jan 2012 (Median) to Dec 2018, with 84 observations. The data reached an all-time high of 1,742,842.090 Cub m in Dec 2018 and a record low of 46,184.880 Cub m in Jan 2012. Canada Crude Oil Export: Volume: by Rail data remains active status in CEIC and is reported by National Energy Board. The data is categorized under Global Database’s Canada – Table CA.RB006: Crude Oil Export.

Canadian crude oil prices have experienced significant fluctuations today due to factors such as trade tensions, global economic growth, oil production levels, and pipeline capacity. This article discusses the reasons behind the price decline and highlights the ongoing concerns and challenges faced by the Canadian crude oil market.

Oil prices climbed due to potential U.S. tariffs on Canadian and Mexican exports, with Brent and West Texas Intermediate futures experiencing notable gains.

Canada's daily oil production amounted to some 5.65 million barrels in 2023, the highest figure reported by the North American country until now. This represents an increase of nearly 1.4 percent in comparison to the previous year. Overall, between 1998 and 2023, Canada's oil production increased by over three million barrels.

Oil Sands Market Outlook

The global oil sands market size was valued at approximately USD 90 billion in 2023 and is projected to reach USD 120 billion by 2032, growing at a compound annual growth rate (CAGR) of 3.1% during the forecast period. This growth is primarily driven by increasing energy demands coupled with advancements in extraction technologies. The rising global energy consumption, especially in emerging economies, is a significant factor contributing to the expansion of the oil sands industry. The demand for secure and reliable energy sources continues to fuel investments in oil sands as an alternative to conventional oil sources.

One of the primary growth factors for the oil sands market is the technological advancements in extraction methods that have significantly increased the efficiency and environmental sustainability of operations. Innovations such as steam-assisted gravity drainage (SAGD) and other enhanced recovery techniques have made in-situ extraction more viable, thereby expanding the scope of oil sands development. These techniques improve recovery rates and reduce the environmental footprint, making oil sands a more attractive investment for energy companies looking to diversify their portfolios amidst fluctuating oil prices and geopolitical uncertainties.

Moreover, the increasing need for energy security and diversification of energy supply chains are propelling nations to explore and develop oil sands resources. Countries with abundant oil sands deposits, like Canada, are actively seeking to enhance their production capabilities to meet both domestic and international energy demands. This is further supported by governmental policies and incentives aimed at promoting sustainable extraction practices and investments in cleaner technologies. As global oil demand continues to rise, particularly in Asia and North America, the oil sands market is poised for steady growth.

Environmental considerations and regulatory frameworks are also shaping the growth trajectory of the oil sands market. There is a growing emphasis on reducing greenhouse gas emissions and minimizing the ecological impact of oil sands extraction. This has led to increased research and development initiatives focused on developing low-carbon technologies and improving overall operational efficiency. Consequently, companies are now more inclined to adopt sustainable practices, which are not only cost-effective but also essential for meeting stringent regulatory standards.

Regionally, North America remains the dominant player in the oil sands market, primarily due to the vast deposits in Canada, particularly in Alberta. The region accounted for the majority of the global market share in 2023 and is expected to maintain its lead throughout the forecast period. However, Asia Pacific is projected to exhibit the highest growth rate, driven by burgeoning energy needs and increasing urbanization in countries like China and India. Latin America and the Middle East & Africa are also witnessing growing interest in oil sands development, albeit at a slower pace due to infrastructural and political challenges.

Extraction Method Analysis

Extraction methods play a crucial role in the development and profitability of the oil sands market. Two primary extraction methods dominate the industry: surface mining and in-situ techniques. Surface mining, which involves the removal of overburden to access oil sands deposits, is traditionally used when the deposits are located closer to the surface. This method, while effective, is often criticized for its environmental impact, including land disturbance and water usage. However, advancements in technology and stricter environmental regulations have led to improvements in waste management and reclamation efforts, making surface mining more sustainable.

In-situ extraction, on the other hand, is utilized for deeper deposits that cannot be accessed via traditional mining methods. This method involves injecting steam into the ground to heat the bitumen, reducing its viscosity and allowing it to be pumped to the surface. Techniques such as steam-assisted gravity drainage (SAGD) and cyclic steam stimulation (CSS) have revolutionized in-situ extraction by enhancing recovery rates and reducing costs. The growing preference for in-situ methods is evident due to their lower environmental footprint compared to surface mining, making them the focus of future oil sands projects.

The choice of extraction method is largely influenced by the geographical distribution of oil sands deposits and the regulatory landscape. In

Canada Crude Oil: Avg Price: New York Mercantile Exchange Conventional Gasoline data was reported at 0.734 CAD/l in 27 Aug 2018. This records an increase from the previous number of 0.733 CAD/l for 24 Aug 2018. Canada Crude Oil: Avg Price: New York Mercantile Exchange Conventional Gasoline data is updated daily, averaging 0.549 CAD/l from Jan 2001 (Median) to 27 Aug 2018, with 4601 observations. The data reached an all-time high of 0.980 CAD/l in 01 Sep 2005 and a record low of 0.194 CAD/l in 15 Nov 2001. Canada Crude Oil: Avg Price: New York Mercantile Exchange Conventional Gasoline data remains active status in CEIC and is reported by Kent Group Ltd.. The data is categorized under Daily Database’s Commodity Prices and Futures – Table CA.DP001: Average Price: Crude Oil.

Canada Crude Oil & Equivalent Pdts: Receipts from Fields & Plants data was reported at 21,708,961.000 Cub m in Dec 2019. This records an increase from the previous number of 20,605,154.000 Cub m for Nov 2019. Canada Crude Oil & Equivalent Pdts: Receipts from Fields & Plants data is updated monthly, averaging 21,070,300.500 Cub m from Jan 2016 (Median) to Dec 2019, with 48 observations. The data reached an all-time high of 23,442,518.000 Cub m in Dec 2018 and a record low of 15,149,027.000 Cub m in May 2016. Canada Crude Oil & Equivalent Pdts: Receipts from Fields & Plants data remains active status in CEIC and is reported by Statistics Canada. The data is categorized under Global Database’s Canada – Table CA.RB027: Crude Oil and Other Liquid Petroleum Products: by Pipeline Transport (Discontinued).

Revenue for the Canadian Petroleum Refining industry has been volatile. Crude oil is the primary input into industry products, and therefore, its price is the primary driver of industry revenue. However, the pandemic's collapse in oil prices in 2020 drove refinancing revenue down. Subsequently, high demand and ongoing supply chain disruptions led crude oil prices to spike sharply, translating into an industry revenue boom in 2021 and 2022. However, tempering oil prices in 2024 and potentially 2025 will depress revenue growth during the period. Overall, industry revenue is forecast to fall at a CAGR of 0.2% to $85.4 billion over the five years to 2025. In 2025, tempering oil prices are forecast to produce a revenue contraction of 4.6% for the industry. Like volatile revenue, the industry's profitability has tracked changes in oil prices. The shift in travel behaviours post-pandemic caused demand to surge, especially from downstream transportation markets. In 2020, refinery profits hit a five-year low, averaging just 5.7% across the industry. However, the surge in demand that followed has led to an industry-wide profit improvement, even as higher crude oil prices have raised purchase costs. The highly concentrated industry's structure has, meanwhile, remained largely unaltered. In 2025, profit is expected to reach 12.9% of revenue. The industry is projected to contract slowly as global oil prices continue to temper. Trade uncertainty and tariff pressures will lower oil prices and demand. Accordingly, industry revenue is forecast to contract at a CAGR of 0.9% to $81.8 billion over the five years to 2030. However, volatility is likely to intercede given global upheaval. Since 2022, the Canadian government has announced a ban on imports of crude oil from Russia in response to that country's invasion of Ukraine.

Recent developments include: In January 2021, Chevron Canada, Equinor Canada, and BHP Petroleum (New Ventures) secured approvals from the Environment and Climate Change Minister to conduct drilling at three offshore drilling projects east of St. John's, Newfoundland, and Labrador. The companies have proposed operating offshore platforms like ships and helicopters to conduct exploration drilling and well testing.. Key drivers for this market are: 4., Declining Solar Panel Costs4.; Supportive Government Policies. Potential restraints include: 4., High Upfront Cost. Notable trends are: Offshore Segment to Witness Significant Growth.

In 2023, Canada exported about 4.84 million barrels of oil per day, an increase of nearly 3.4 percent in comparison to the previous year and the highest recorded value within the period of consideration.

In 2024, the Canadian crude oil market decreased by -9.4% to $53.4B, falling for the second consecutive year after two years of growth. Overall, consumption recorded a relatively flat trend pattern. Crude oil consumption peaked at $79.2B in 2014; however, from 2015 to 2024, consumption stood at a somewhat lower figure.

On December 19, 2022, WCS prices closed at 47.87 U.S. dollars per barrel. This was an increase compared to the previous week. Crude oil prices reached over 100 U.S. dollars on March 7 and May 16, following concerns by market traders over tight supplies as a result of the Russia-Ukraine war. Western Canadian Select is the main benchmark for crude oil produced from oil sands in Alberta. It usually trades at around 10 U.S. dollars below WTI - which is the reference price for crude oil originating in the United States.

Crude Oil Export: Volume: Heavy data was reported at 15,227,936.000 Cub m in Dec 2018. This records an increase from the previous number of 14,028,316.000 Cub m for Nov 2018. Crude Oil Export: Volume: Heavy data is updated monthly, averaging 4,012,582.000 Cub m from Jun 1985 (Median) to Dec 2018, with 403 observations. The data reached an all-time high of 15,227,936.000 Cub m in Dec 2018 and a record low of 966,804.300 Cub m in Aug 1985. Crude Oil Export: Volume: Heavy data remains active status in CEIC and is reported by National Energy Board. The data is categorized under Global Database’s Canada – Table CA.RB006: Crude Oil Export.

Oil And Gas Midstream Market Outlook

The global Oil and Gas Midstream market size in 2023 stands at approximately USD 500 billion, with projections suggesting it will reach around USD 800 billion by 2032, reflecting a Compound Annual Growth Rate (CAGR) of about 5.5%. The primary growth drivers for this robust expansion include the increasing demand for energy, advances in exploration and production technologies, and significant investments in infrastructure development. Additionally, the rising demand for natural gas as a cleaner energy source compared to coal and oil has spurred significant growth in the midstream sector.

One of the key growth factors of the Oil and Gas Midstream market is the global increase in energy consumption. As urbanization and industrialization continue at a rapid pace, particularly in emerging economies, the demand for energy has skyrocketed. This surge in demand necessitates the development of efficient and extensive midstream infrastructure to transport, store, and process crude oil, natural gas, and refined petroleum products. Furthermore, technological advancements in pipeline construction and monitoring systems have enhanced the safety and efficiency of midstream operations, thereby driving market growth.

Another significant growth factor is the shift towards natural gas as a preferred energy source due to its lower carbon emissions compared to other fossil fuels. This transition has led to a rise in the construction of pipelines and other infrastructure dedicated to the transportation and storage of natural gas. Governments and private investors are injecting substantial capital into midstream projects to support this shift. Additionally, the development of liquefied natural gas (LNG) facilities has opened new avenues for international trade, further bolstering the midstream market.

The increase in shale gas production, particularly in North America, has also been a major catalyst for the midstream sector. The United States, for instance, has become a net exporter of natural gas due to the shale revolution. This has necessitated the construction of extensive midstream infrastructure to support the transportation and export of natural gas. Moreover, the discovery of new oil and gas reserves in various parts of the world continues to fuel the need for reliable midstream services to facilitate the movement of these resources from production sites to end-users.

Regionally, North America holds a significant share of the Oil and Gas Midstream market, driven by the massive shale gas production and extensive pipeline network in the United States and Canada. The Middle East & Africa region is also witnessing substantial growth due to ongoing investments in pipeline construction and storage facilities to support the export-oriented oil and gas industry. Asia Pacific is emerging as a lucrative market owing to increasing energy demand from rapidly growing economies like China and India, coupled with substantial investments in LNG infrastructure.

Type Analysis

The Oil and Gas Midstream market is segmented by type into Pipeline, Rail, Trucking, and Marine. Pipelines represent the most significant segment due to their efficiency and cost-effectiveness in transporting large volumes of oil and gas over long distances. The extensive network of pipelines in key regions like North America, Europe, and the Middle East considerably reduces transportation costs and minimizes the risks associated with spillage and theft. Furthermore, advancements in pipeline technology, including the use of smart sensors and automated monitoring systems, have enhanced safety and operational efficiency, driving market growth in this segment.

Rail transport, while less prevalent than pipelines, plays a crucial role in the midstream sector, especially in regions where pipeline infrastructure is limited or underdeveloped. Rail offers flexibility and relatively quick deployment, making it a viable option for transporting oil and gas to remote areas or regions with fluctuating demand. Additionally, rail transport is often used as a complementary mode to pipelines, ensuring the continuity of supply when pipelines are under maintenance or during peak demand periods. However, the higher operational costs and potential safety concerns associated with rail transport may limit its growth compared to pipelines.

Trucking is another critical segment within the midstream market, particularly for short-distance transportation of oil and gas. Trucks offer unmatched flexibility and accessibility, allowing for the transportation of smaller quanti