Commodities Buzz: Canadas Crude Oil Production Set To Grow In Near Term Says EIA

13 Jul 2022 , 01:33 PM

The US Energy Information Administration or EIA stated in a latest update that Canadas crude oil production will grow in 2022 and 2023 because of several factors. The government of Alberta rescinded mandatory production curtailments set in 2019. Additional export pipeline capacity will also likely lead to increased production. Canada is a net exporter of most energy commodities and is a significant producer of natural gas, hydroelectricity, and crude oil and other liquids. Most of Canadas energy exports are destined for the United States. Canada ranked fourth in 2021 among top energy producers of petroleum and total liquids in the world, behind only the United States, Russia and Saudi Arabia. In 2021, energy consumption in Canada, which totaled 13 quadrillion British thermal units (quads), accounted for less than 3% of total world energy consumption. Canadas domestic consumption of energy largely consists of oil, natural gas, and hydroelectricity. Canada produced 5.5 million b/d of petroleum and other liquid fuels in 2021, an increase of more than 300,000 b/d from the previous year. Crude oil (including condensate) accounted for 4.3 million b/d, and the remainder included biofuels and natural gas liquids (NGLs).Powered by Commodity Insights