The value of crude oil exports from Canada has increased more than 15-fold in the last 30 years, according to a new report co-authored by Statistics Canada and the Canada Energy Regulator.
The increase means that exports of crude oil accounted for more than 14% of Canada's total exports in 2019 with a value of $84.3 billion. Back in 1990, crude oil made up only 3.6% of the country's total exported products.
The report says crude oil production has also grown considerably over the last three decades, led first by conventional oil and then by crude extracted from the oilsands in the last 15 years.
The province of Alberta has been the largest contributor to Canadian oil production since 2009.
Much of the growth over the past 30 years can be attributed to high oil prices in the late 2000s and early 2010s, according to the report. From 2010 to 2015, heavy oil exports rose by an average rate of 12.5% annually due to increased production from the oilsands.
The COVID-19 pandemic has had a "substantial impact" on production and exports, causing values to drop to their lowest level since 2002 in April 2020, according to the report.
The agencies said further analysis is needed to determine the full extent that the global pandemic has had on the crude oil sector in Canada.
