West Texas intermediate * (WTI) is North America’s light, sweet crude oil benchmark Footnote 4 based in Cushing, Oklahoma. That said, similar to other commodities, prices are ultimately driven by the dynamics of supply and demand, or the perception that market participants have of either. Begins (2011) OPEC Fights For Market Share (2014) OPEC Quota Unchanged (2014) Paris Climate Agreement (2015) Vienna Alliance Cuts 1.2 million b/d (2016) Iran Sanctions (2017) OPEC+ Cuts 1.2million b/d (2018) COVID Pandemic (2019) Saudi Arabia – Russia Price War (2019) OPEC+ Agrees To Cut 9.7 million b/d (2020).Ĭrude oil prices can be volatile, and are affected by any number of supply, market or geopolitical events around the world. (2006) Arab Spring (2010) Shale Oil Boom in the U.S. Specific events listed are: Iraq invades Kuwait (1990) Rio Earth Summit (1992) Asian Financial Crisis (1997) Kyoto Protocol (1997) OPEC Cuts 1.7 million b/d (1998) Venezuelan Oil Strike (2002) SAGD Production Becomes Commercial (2002) Iraq War (2002) Hurricanes Katrina & Rita (2005) Subprime Mortgage Losses Accumulate in U.S. Significant events impacting the oil price (including political, environmental, financial, technological) are identified on the line chart. Between late 20, prices have moved between the $30 to 75$ range, before dropping below $20 in early 2020 and then rebounding to the $40 to $50 range a few months later. Following a sudden decline to around the $40 mark in late 2008, prices resumed climbing, sometimes surpassing the $100 mark until late 2014. The WTI price remained within the $10 to $40 per barrel (USD) range until significant price increases began in the mid-2000s, with the price peaking above $130 in 2008. Energy Information Administration, Spot Prices, Petroleum & Other Liquids.ĭescription: The line chart depicts the average monthly West Texas Intermediate (WTI) oil price in US dollars per barrel from 1990 to 2020. Significant Oil Market Events Footnote 1,2,3 Evolution of World Oil PricesĬanadian oil export values impacted by volatile world oil prices. Between 20, light oil exports grew by an annual average rate of 2.9%, reinforced by offshore developments in Newfoundland and Labrador, expansions in oil sands upgrading, and new light oil production technology in western Canada. Light oil exports also increased, though to a lesser extent. In particular, from 2010 to 2015 heavy oil exports increased by an annual average rate of 12.5%, due primarily to increased production from the oil sands. High oil prices in the late 2000s and early 2010s underpinned expansion of Canadian oil production and exports. As condensate production in Canada is insufficient to cover oil sands demand for diluent, imported condensate is also used. Synbit is the term used when bitumen has been blended with SCO, while a blend of bitumen and condensate is called dilbit.
Before selling bitumen to markets, it must be either upgraded to a lighter crude oil (named synthetic crude oil * or SCO) or blended with lighter hydrocarbons (condensate *, naphtha * or SCO). Bitumen * is a very viscous and dense substance that must be heated to flow and is unsuitable for transportation on pipelines over long distances. Statistics Canada’s Energy Statistics, December 2020 provides analysis of energy data and the year in review, including analysis of COVID-19 impacts.Īdditionally, Statistics Canada’s International Trade Annual Review provides data and analysis on international trade in 2020, including coverage of the impacts of COVID-19 on Canada’s exports of crude.īetween 19, Canadian oil exports increased at an annual average rate of 6.2%. In addition, the CER’s Market Snapshots examine the impact of the pandemic on various aspects of the Canadian energy system, including crude oil. The CER’s Crude Oil Export Summary provides an overall summary of crude oil exports with aggregated data for 5 previous years, examining volumes, prices, values, modes of transport and destinations. The CER’s Canada’s Energy Future 2020 provides a more detailed look at the COVID-19 impact on Canadian energy supply and demand.
Further analysis will be required to determine the extent of the impact of the COVID-19 pandemic on the crude oil sector. While 2020 data and analysis is available in the “Preliminary Look at 2020” section below, this retrospective is mainly focused on the years 1990-2019. The COVID-19 pandemic significantly impacted all aspects of the global oil supply and consumption chain, including Canadian exports.
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