This report examines the short-and medium-term economic and profitability outlook for Canada’s Oil Extraction Industry.
Document Highlights
- Production—Years of strong investment in the oil sands is starting to pay off in terms of higher production levels.
- U.S. Market—Import demand in the U.S. weakened during the recession and is unlikely to increase going forward, given that the U.S. market is mature. Canada must compete with other nations and rising U.S. production for market share over the next few years.
- Labour supply—Job markets in Western Canada are already tight, particularly in Alberta, where the majority of oil extraction takes place. This is making it difficult for producers to staff key positions, and it is keeping wage growth well above the national average.
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