Key Market Indicators
Demand for Canadian crude oil is expected to increase in 2021. It is projected to reach 5.5 million metric tons - a 12.2% rise compared to the previous year. This growth rate is slightly higher than the average annual increase since 2007, which stands at 2.3%. Meanwhile, Canadian crude oil production is on the rise. It is estimated to reach 204 million tonnes of oil equivalent in 2026, up from 182 million tonnes in 2021. This represents an average annual growth rate of 1.7%, slightly lower than the average 2.4% growth rate since 1976. In 2021, Canada was ranked 7th in crude oil production, with Saudi Arabia, the United States and Iraq taking the top 3 spots.