Until 2013, virtually all U.S. crude oil exports went to Canada. However, as the United States has exported more crude oil to other countries, Canada has made up a smaller share of U.S. crude oil exports. Canada's most valuable export commodity are mineral fuels, accounting for 22% of total exports in 2019. Globally, only the United States, Saudi Arabia, Russia and China have higher oil production. As of August 2020, Canada’s share of crude oil exports is down to $5.27 billion. (Published October 7, 2015) It is widely known that crude oil has many applications – in industrial, energy, and chemical products, in agriculture, for shipping and for personal and business travels, to name a few. Some sectors, however, demonstrate unquenchable thirst for petroleum. In 2018, Canada was the fourth-largest crude oil exporter in the world with a 6.19% share of an annual global export market worth $1.08 trillion. Share page. Canada is the fifth-largest crude oil producer in the world. Transportation is the most notable example. close. Its large and varied natural resources are essential to its economies and cultures. In 2014, Canada produced 3.8 mb/d of crude oil. Canada’s economic development historically depended on the export of large volumes of raw materials, especially fish, fur, grain, and timber. Click here for definitions of key terms used in this article. Of this, 2.2 mb/d was produced from the oil sands and the remaining 1.6 mb/d was conventional, offshore, and tight oil production. But there are ongoing debates about how to use, share and manage natural resources. A major oil pipeline leak in Alberta, Canada, is the largest the region has seen in 35 years, officials say. Tanker Cargo Spills in Canadian Waters. However, raw materials have declined as a percentage of Canada’s exports, while processed, fabricated, and manufactured goods have increased. The growth of crude oil … This gives Canada a total share of $66.6 billion of the oil export market. A large share of Canadian people employed directly and indirectly by the oil and gas industry work in Alberta. In 2016, an average of 301,000 b/d of U.S. crude oil was exported to Canada and 219,000 b/d to all other countries. Overview: In August 2020 Canada exported C$39.7B and imported C$46.7B, resulting in a negative trade balance of C$7.03B.Between August 2019 and August 2020 the exports of Canada have decreased by C$-5.38B (-11.9%) from C$45.1B to C$39.7B, while imports decreased by C$-5.07B (-9.79%) from C$51.8B to C$46.7B. Share. The oil and gas industry in Canada, as in other regions, is generally divided into three main segments: upstream, midstream, and downstream. Canada - Canada - Trade: Trade has always been central to Canada’s economy. Canada is among the most resource-rich countries in the world. Copy link. 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