Alberta Oil: No Place to Go and No Potential for Private Investment without Major Changes to Federal Laws which Appear Remote
Crude oil exports from Canada have continued to grow, reaching a record high of 4 million barrels per (MMb/d) in 2023. Crude oil exports amounted to 81% of the country's total crude oil production at that time. These exports were valued at $124 billion, representing 16% of Canada's total export value with the (U.S.) being the primary destination for Canadian crude oil, receiving approximately 97% of Canada’s crude oil exports in 2023 ( https://www.cer-rec.gc.ca/en/data-analysis/energy-markets/market-snapshots/2024/market-snapshot-almost-all-canadian-crude-oil-exports-went-to-the-united-states-in-2023.html) . In 2024, approximately 1.29 MMB/d of Canadian refinery crude oil receipts were domestically sourced, equating to 74% of total refinery receipts. Canada’s reliance on crude oil imports to meet refinery needs has declined by roughly 50% to ~0.46 MMB/d in 2024 since peaking at ~0.93 MMB/d in 2004. This is primarily a function of the closures of import-depe...