Crude Petroleum Export of Canada: The Trade Analysis of 2024

Crude petroleum, also referred to as crude oil, a category of naturally occurring liquid substance found in geological formations, is a topmost preference of the globally leading industrial resources traders. The on-growing universal energy demand due to the primary role played by crude oil as a resource for fuels like gasoline and diesel, along with the geographical concentration of reserves and industrial and chemical use, has taken the bar graph of the global trade of crude petroleum exports to a next level. Canada Import Data says, the country in North America, landlocked by the United States and Alaska in the south and northwest direction, has gradually recorded itself as a leading exporter of crude petroleum in the international trade market, with the well-developed extraction and upgrading operations and expansion of key pipelines.

The geographic closeness of the country to the large marketing states and the establishment of trade links, along with the strong contribution to the national trade balance, have resulted in a total export trade value of 25 billion US dollars in 2024.The export logistics flexibility and the employment and economic significance have maintained the continuity in the global export of crude petroleum. Subscribe to Import Globals, the leading Canada import export trade provider, to stay updated with the latest information regarding the crude petroleum exports of the nation via the Canada trade data.

THE POLICIES AND INCENTIVES SUPPORTING THE CRUDE PETROLEUM EXPORT OF CANADA IN 2024

The Trans Mountain Expansion Project has expanded the pipeline capacity, which has increased the export reach of the country and the production capacity. The subsidies and financing support to the oil and gas industry have promoted lower cost and risk for producers, while enabling morecrude to be produced for global export.

The regulatory framework allowing continued production has helped maintain Canada's export potential and the world's increasingly sensitive environmental standards. The support for carbon capture, storage, and clean technology adoption has helped Canadian crude retain its global marketing position.

THE LEADING VARIANTS OF CRUDE PETROLEUM EXPORTED FROM CANADA IN 2024

The diversified export model options and the global shift pressures have led to diversity in the overall trade output. According to the Canada Export Data, the top 10 leading variants of crude petroleum exported from the nation in 2024 are,

WCS – The annual valuation of WCS exported from Canada in 2024 – 6.54 billion US dollars
Cold Lake – The annual valuation of Cold Lake exported from Canada in 2024 – 5.21 billion US dollars
Kearl Dilbit– The annual valuation of Kearl Dilbit exported from Canada in 2024 – 4.78 billion US dollars
WCB – The annual valuation of WCB exported from Canada in 2024 – 3.92 billion US dollars
Edmonton Par – The annual valuation of Edmonton Par exported from Canada in 2024 – 2.87 billion US dollars
Synthetic Crude– The annual valuation of Synthetic Crude exported from Canada in 2024 – 2.21 billion US dollars
Dilbit – The annual valuation of Dilbit exported from Canada in 2024 – 1.76 billion US dollars
Synbit – The annual valuation of Synbit exported from Canada in 2024 – 1.21 billion US dollars
Heavy Conventional – The annual valuation of Heavy Conventional exported from Canada in 2024 – 1.09 billion US dollars
Light/Medium Conventional– The annual valuation of Light/Medium Conventional exported from Canada in 2024 – 1 billion US dollars

THE TOP 10 EXPORT TRADE PARTNERS OF CANADA IN 2024

The complementarity with the global refineries and the consistency of supply over the decades have maintained the continuous trade relationship with the leading investing regions. As per the Canada Customs Data, the top 10 export trade partners of the nation for crude petroleum exports in 2024 are,

United States – The total valuation of crude petroleum exported from Canada to the United States in 2024 – 7 billion US dollars