The oil and gas sector in Canada: A year after the start of the pandemic

Articles and reports: 36-28-0001202100700003


Since 2000, the oil and gas extraction industry has averaged 5% of GDP for Canada, 21% for Alberta, and 25% for Newfoundland and Labrador, making it an important contributor to the Canadian economy. Following the oil price crisis of March and April, 2020, many oil and gas companies in Canada cut back their production and investment plans. One year later the price of oil has increased to pre-crisis levels, and the recovering global economy may support a rebound in global oil demand. This article examines to what extent the industry has recovered from the crisis and the challenges facing the industry, now and in the future.

Issue Number: 2021007
Author(s): Wang, Weimin
FormatRelease dateMore information
HTMLJuly 28, 2021
PDFJuly 28, 2021