Crude Oil Industry Overview
Canada is the world’s fifth-largest oil producer and has the world’s third-largest proven oil reserves
Canada is a major supplier of secure, reliable crude oil to international markets, producing 4.6 million barrels per day (mb/d) of crude oil in 2018. Canada also holds one of the world’s largest oil reserves in the world, surpassed only by Saudi Arabia and Venezuela. Canada has 168 billion barrels of proven oil reserves, of which 164 billion barrels are in the form of oil sands. Find out more about Canada’s crude oil resources and Canada’s oil production.
Learn more about the following oil sectors in Canada:
Canada is the world’s fourth largest crude oil exporter
In 2018, 96% of Canadian crude oil exports went to the U.S. and 4% went to Europe, Asia and the Caribbean. As a result, Canada was the largest foreign supplier of crude oil to the U.S., accounting for 48% of total U.S. crude oil imports and for 22% of U.S. refinery crude oil intake. Learn more about Canada’s oil imports and exports.
Canada’s oil sector will remain an important source of supply for global markets
In its most recent forecast, the Canada Energy Regulator predicts that by 2040, oil sands production in Canada will increase by approximately 1.5 million barrels per day.
Federal and provincial governments share responsibility in many areas of energy development
In Canada, the provinces have jurisdiction over the development of crude oil within their provincial boundaries. The Government of Canada shares responsibility with the provinces for energy, environmental protection, and trade. Learn more about the Canada Energy Regulator and the federal role in offshore oil and gas development.
Natural Resources Canada supports the development of cleaner technologies for fossil fuel development
Natural Resources Canada's CanmetENERGY is the Canadian leader in clean energy research and technology development. It is the largest energy science and technology organization working to ensure that Canada is at the leading edge of clean energy technologies to reduce the land, air, and water impacts of fossil fuel development and improve the health of Canadians. Explore the research underway at NRCan to support research and technology development in Canada’s oil sector.
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