The Good Oil – From Canada

Canada produces more oil than it consumes

Canada produces more oil than it needs for domestic consumption.

Nearly all of the surplus is exported to the USA.

The USA buys more oil from Canada than from any other country, including Saudi Arabia.

Canada's Oil Production vs Consumption

Most of Canada’s oil comes from three sources: the Western Canada Sedimentary Basin (WCSB); the oil sands deposits of northern Alberta; and offshore fields in the Atlantic Ocean.

Alberta’s oil sands lie within the WCSB. The WCSB is home to one of the biggest reserves of petroleum and natural gas on Earth and it also contains vast quantities of coal. The WCSB stretches across parts of Manitoba, Saskatchewan, Alberta, British Columbia the Northwest Territories.

Alberta has most of the oil and gas reserves and almost all of the oil sands in the WCSB. According to Statistics Canada, Alberta produces two-thirds of Canada’s oil and three-quarters of its natural gas.

WCSB - Photo By Qyd

Oil Forecasts

The Canada Oil & Gas Report forecasts that by 2013 Canada will consume 10.5 percent of the oil used by North America, while providing 34 percent of the supply.

North American oil consumption reached 21.7 million barrels per day in 2008. It is forecast to be around 21.8 million b/d by 2013. North American oil production in 2008 averaged 9.97 million b/d. It is forecast to be 11 million b/d by 2013. Net imports for the region should be 10.9 million b/d in 2013, down from 11.7 million b/d in 2008.