Report Update Apr 1, 2024

Canada - Crude Petroleum Oil - Market Analysis, Forecast, Size, Trends and Insights

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Canada: Crude Oil Market 2024

Crude Oil Market Size in Canada

In 2022, the Canadian crude oil market increased by X% to $X for the first time since 2018, thus ending a three-year declining trend. Overall, consumption, however, saw a noticeable slump. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

Crude Oil Production in Canada

In value terms, crude oil production shrank to $X in 2022 estimated in export price. In general, production showed a noticeable setback. The pace of growth appeared the most rapid in 2018 when the production volume increased by X% against the previous year. Over the period under review, production attained the maximum level at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Crude Oil Exports

Exports from Canada

In 2022, shipments abroad of crude petroleum oil decreased by X% to X tons for the first time since 2018, thus ending a three-year rising trend. Overall, total exports indicated perceptible growth from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by X% against 2016 indices. The most prominent rate of growth was recorded in 2014 when exports increased by X%. The exports peaked at X tons in 2021, and then shrank in the following year.

In value terms, crude oil exports surged to $X in 2022. In general, exports, however, recorded a pronounced expansion. The growth pace was the most rapid in 2021 when exports increased by X%. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in the immediate term.

Exports by Country

The United States (X tons) was the main destination for crude oil exports from Canada, with a approx. X% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to the United States totaled X%.

In value terms, the United States ($X) also remains the key foreign market for crude petroleum oil exports from Canada.

From 2012 to 2022, the average annual growth rate of value to the United States amounted to X%.

Export Prices by Country

In 2022, the average crude oil export price amounted to $X per ton, rising by X% against the previous year. Over the period under review, export price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude oil export price increased by X% against 2020 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for the United States.

From 2012 to 2022, the rate of growth in terms of prices for the United States amounted to X% per year.

Crude Oil Imports

Imports into Canada

In 2022, overseas purchases of crude petroleum oil decreased by X% to X tons, falling for the third consecutive year after three years of growth. In general, imports saw a perceptible decrease. The pace of growth appeared the most rapid in 2018 when imports increased by X%. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, crude oil imports surged to $X in 2022. Over the period under review, imports showed a deep slump. Imports peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the United States (X tons) constituted the largest supplier of crude oil to Canada, accounting for a X% share of total imports. Moreover, crude oil imports from the United States exceeded the figures recorded by the second-largest supplier, Saudi Arabia (X tons), fourfold. Nigeria (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual growth rate of volume from the United States totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Saudi Arabia (X% per year) and Nigeria (X% per year).

In value terms, the United States ($X) constituted the largest supplier of crude petroleum oil to Canada, comprising X% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with a X% share of total imports. It was followed by Nigeria, with a X% share.

From 2012 to 2022, the average annual growth rate of value from the United States amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Saudi Arabia (X% per year) and Nigeria (X% per year).

Import Prices by Country

In 2022, the average crude oil import price amounted to $X per ton, surging by X% against the previous year. In general, the import price, however, recorded a mild reduction. Over the period under review, average import prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Norway ($X per ton) and the United States ($X per ton), while the price for Colombia ($X per ton) and the UK ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Norway (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for crude petroleum oil in the world?

The countries with the highest volumes of consumption in 2023 were the United States, China and Saudi Arabia, with a combined 43% share of global consumption.

What are the largest producers of crude petroleum oil in the world?

The countries with the highest volumes of production in 2022 were the United States, Russia and Saudi Arabia, with a combined 40% share of global production.

What are the leading suppliers of crude petroleum oil to Canada?

In value terms, the United States constituted the largest supplier of crude petroleum oil to Canada, comprising 71% of total imports. The second position in the ranking was taken by Saudi Arabia, with a 17% share of total imports. It was followed by Nigeria, with a 7.6% share.

What are the leading importers of crude petroleum oil from Canada?

In value terms, the United States remains the key foreign market for crude petroleum oil exports from Canada.

What is the average export price for crude petroleum oil in Canada?

The average crude oil export price stood at $675 per ton in 2022, growing by 57% against the previous year.

What is the average import price for crude petroleum oil in Canada?

In 2022, the average crude oil import price amounted to $754 per ton, growing by 52% against the previous year.

This report provides an in-depth analysis of the crude oil market in Canada. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Country coverage:

Canada

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Canada
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023