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Canadian oil production: conventional crude oil in red, and total petroleum liquids, including from oil sands, in black Total oil production in Canada in TWh. Petroleum production in Canada is a major industry which is important to the overall economy of North America.
Proved world oil reserves, 2009.. The Canadian petroleum industry arose in parallel with that of the United States.Because of Canada's unique geography, geology, resources and patterns of settlement, however, it developed in different ways.
Canadian conventional oil production peaked in 1973, but oil sands production is forecast to increase to at least 2020. Canada has a highly sophisticated energy industry and is both an importer and exporter of oil and refined products.
The oil industry measures the weight of oil on terms of an artificial scale known as API (American Petroleum Institute) gravity. Ten degrees API is the gravity of water. Light oils use a higher API number. Generally heavier than water, bitumen typically has an API of 8-10 degrees API.
As of 2009, Syncrude and Irving Oil were leaders in the Canadian industry, with Syncrude being the top producer of oil sands crude and Irving Oil operating the largest oil refinery in the country. [5] Canadian oil company profits quickly recovered following the 2008 financial crisis; In 2009 they were down 90% but in 2010 they reached $8.4 billion.
In Alberta, the industry’s mark on the landscape is profound: over an area larger than New York City, oil companies have carved chunks of earth into open-pit mines plunging hundreds of feet deep ...
The industry's frontier operations were particularly vulnerable to the oil price collapse. Canada had already dismantled the NEP, and costly frontier drilling, which had found reserves that were mostly uneconomic in the lower-price environment, was the first casualty of an industry-wide crisis.
In Canada’s oil-rich province of Alberta, there is a deep sense of unease over President-elect Donald Trump's threat to impose a 25% tariff on Canadian goods.