In June 2025, the average monthly price of the Canadian oil benchmark Western Canadian Select amounted to ***** U.S. dollars per barrel. This was an increase 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 2024, the oil sands extraction industry contributed nearly 40 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 2024, 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 2024. Far in second place came China, with *** million metric tons exported there that same year.

The Western Canadian Select (WCS) oil price has experienced significant fluctuations over the past two decades, reflecting the volatile nature of global oil markets. In 2024, the annual average WCS oil price reached ***** U.S. dollars per barrel, a slight increase from the previous year. This price movement is part of a broader trend in the oil industry, where prices have been influenced by various economic and geopolitical factors. What impacts oil prices? Oil prices have been on a rollercoaster ride since the early 2000s, with dramatic fluctuations observed in OPEC Reference Basket oils. For instance, the Saharan Blend from Algeria saw its price rise from about ** U.S. dollars per barrel in 2002 to over *** U.S. dollars a decade later, before settling at ***** U.S. dollars in 2023. These price swings have been driven by major events such as the 2008 global financial crisis, the 2020 coronavirus pandemic, and the 2022 energy supply crisis following the Russia-Ukraine war. The volatility in oil prices has had far-reaching impacts on global economies and energy markets as they impact manufacturers and consumers. How regionally important crudes can influence the global economy While WCS prices reflect trends in the North American market, other regional benchmarks provide insights into global oil dynamics. For example, Dubai Crude (Fateh), an important benchmark for Asia, averaged ***** U.S. dollars per barrel in 2023, down from ***** U.S. dollars the previous year. Similarly, Russia's Urals crude oil, a major export brand, saw its price fluctuate in response to global events and policy decisions, such as the price cap imposed by the G7, EU, and Australia in December 2022. These regional variations highlight the complex interplay of supply, demand, and geopolitical factors in shaping global oil prices.

Learn about the factors that impact the price of Western Canadian Select (WCS) oil, including global oil supply and demand, transportation costs, quality differentials, and market speculation.

On December 19, 2022, WCS prices closed at ***** 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 ** U.S. dollars below WTI - which is the reference price for crude oil originating in the United States.

The price forecast for WCS oil is influenced by various factors including supply and demand dynamics, global oil market trends, and geopolitical developments. WCS oil prices are currently low due to heavy blend processing costs and limited pipeline capacity. Uncertainties in demand and geopolitical tensions impact the forecast, while pipeline projects and cleaner energy sources may affect long-term prices.

The real-time price of WCS oil is influenced by global oil prices, supply disruptions, geopolitical events, and market speculation. Learn more about the factors that can cause fluctuations in the price of WCS oil and why it is important to monitor for those in the oil industry or interested in energy markets.

Prices in US dollars per barrel of WCS oil and in Canadian dollars per gigajoule of natural gas.

Learn about the factors influencing the price of Western Canadian Select (WCS) oil, its characteristics and pricing relative to other benchmark crude oils, and the fluctuations in the WCS-WTI differential. Stay informed on the current market trends and consult reliable sources for up-to-date information.

The price for one barrel of oil exported from Canada stood at an average of ***** U.S. dollars in 2024. This was a decrease of some ** U.S. dollars compared to 2022. These figures also closely mirrored Canada's benchmark WCS oil price.

Learn about the various factors that influence the price of WCS oil, including global market dynamics, regional considerations, quality differentials, government regulations, and currency exchange rates.

The price of Canadian oil represents the price of Western Canadian Select (WCS), the price obtained by most Alberta producers of oil. Annual figures are presented as the equally weighted average of monthly averages. Figures are derived from published Economic Dashboard of Alberta and Bank of Canada data.

The Canadian light oil price, also known as the Western Canadian Select (WCS), is the benchmark price for Canadian oil sands crude. Learn about the factors affecting its price, including pipeline infrastructure, global oil market dynamics, and geopolitical events.

Prices in US dollars per barrel of WCS oil and in Canadian dollars per gigajoule of natural gas.

Alberta’s oil sands play a critical role in Canada meeting its commitment to the Paris Climate Change Agreement. However, few studies published the actual operation data for extraction operations (schemes), especially fuel consumption data to accurately project greenhouse gas (GHG) emissions for development and expansion of oil sands projects. In this study, we mined 2015–2018 operation data from over 29 million records in Petrinex via knowledge discovery in databases (KDD) process, and described GHG and fuel consumption patterns for 20 in situ oil sands extraction schemes (representing > 80% in situ extractions in 2018). The discovered patterns were interpreted by a range of performance indicators. From 2015 to 2018, GHG emission intensity (EI) for the schemes dropped by 7.5% from 0.6193 t CO2e/m3 bitumen (oil) to 0.5732 t CO2e/m3 bitumen. On the four-year average, the in situ oil sands extractions used 3.8632 m3 steam to produce 1 m3 of oil (3.8632 m3 steam / m3 oil) with a range of 1.8170 to 7.0628 m3 steam / m3 oil; consumed 0.0668 103m3 steam generator fuel (SGF) to produce 1 m3 of steam (0.0668 103m3 SGF/ m3 steam) with a range of 0.0288 to 0.0910 103m3 SGF/m3 steam; consumed 0.2995 103m3 of stationary combustion fuel (SCF) to produce 1 m3 of bitumen (0.2955 103m3 SCF/m3 bitumen) with a range of 0.1224 to 0.6176 103m3 SCF/m3 bitumen. The Peace River region had the highest solution gas oil ratio. The region produced 0.0819 103m3 of solution gas from 1 m3 of bitumen produced (0.0819 103m3 solution gas/m3 bitumen). On average, cyclic steam stimulation recovery method used 53.5% more steam to produce 1 m3 of bitumen and used 11.1% more SGF to produce 1 m3 of steam, compared to steam assisted gravity drainage recovery method. With the carbon price at C$30/t CO2e and Western Canadian Select (WCS) crude oil price at US$38.46/bbl, the GHG costs account for 0.33% to 8.81% of WCS crude price using Alberta’s emission benchmark. The study provides methods to mine the public database – Petrinex for studying GHG, energy, and water consumption by the oil and gas industry in Canada. The results also provide more accurate energy and emission intensity, which can be used for GHG life cycle assessment and compared with other energy extraction methods on a life cycle basis.