Key Market Indicators
Demand for Canadian crude oil is expected to reach 5.5 million metric tons in December 2021, a 12.2% increase from 5 million metric tons in November 2021. Compared to the same time period in 2007, Canadian demand has increased by 2.3% year on year. Canadian crude oil production is expected to reach 203.9 million tons of oil equivalent by 2026. This is a 1.7% average year on year increase from 2021, when production was 181.5 million tons of oil equivalent. Since 1976, Canada's supply of crude oil has grown by 2.4% year on year. In 2021, Canada was the seventh largest crude oil producer, behind China, Saudi Arabia, the United States, and Iraq.
