Forecast: Output of Oil and Gas Extraction in Canada

The output of oil and gas extraction in Canada experienced significant fluctuations over the past decade. The industry saw growth in 2013 and 2014, followed by a sharp decline in 2015 and 2016. A rebound occurred in 2017 with a notable increase, but the output continued to face volatility in subsequent years. By 2023, output stood at 118.93 billion Canadian dollars, marking a 5.98% year-on-year increase. However, the compound annual growth rate (CAGR) over the past five years showed a slight decline of -1.65%, indicating overall instability in the sector.

Looking forward, the forecast suggests a steady downward trend from 2024 to 2028, with an average annual decrease of -0.62% and an overall forecasted decline of -3.05% by 2028. This expected contraction underscores the ongoing challenges faced by the industry.

Future trends to watch for include advancements in sustainable energy alternatives, regulatory changes, and shifting global oil prices which could impact the output and stability of the oil and gas extraction sector in Canada.