This study researches and presents the economic contribution that Canada’s refining industry currently makes and the challenges it faces. Our findings suggest that even if oil production continues to grow strongly in Canada, the future economic benefits, job creation, and profits from oil refining and processing are much less assured.
Canada’s Petroleum Refining Sector: An Important Contributor Facing Global Challenges
Canada’s Petroleum Refining Sector: An Important Contributor Facing Global Challenges
Industry Economic Analysis
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Canada’s refining industry has undergone a massive restructuring over the past 30 years. Since the 1970s, the number of operating refineries has dropped from 40 to just 18 today. While global demand for petroleum products continues to rise and the outlook for Canada’s upstream energy sector is bright, Canadian refiners face a very particular set of challenges, since North American and other OECD markets will likely be characterized by declining demand.
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