Forecast: Value Added of Oil and Gas Extraction in Canada

The value added of oil and gas extraction in Canada experienced significant fluctuations over the past decade. From 2013 to 2014, there was a substantial increase, followed by a dramatic decline in 2015 and 2016. This sector showed signs of recovery from 2017 to 2019, but another significant drop occurred in 2020 due to the global pandemic. Recent years have shown moderate recovery, with 2022 seeing a 14.64% increase and 2023 showing a 6.73% increase, standing at 59.1 billion Canadian dollars.

Looking ahead, the forecasted data indicates a gradual decline in the value added from 2024 to 2028. The sector is expected to see an average annual decrease of -2.92%, leading to an overall reduction of 13.76% over the next five years.

Future trends to watch for include potential impacts of global oil prices, advancements in renewables and alternative energy sources, evolving regulatory environments, and the role of technological innovation in extraction and processing efficiency.