In 2021, Canada's oil and gas extraction industry saw growth in revenue after experiencing a turbulent 2020. A rebound in economic activity and demand for energy products led to rising prices and increased production.
In 2021, oil prices reached their highest level since 2015. As a result, the industry looked to recover the losses that were incurred during the COVID-19 pandemic. Total gross revenue in the oil and gas extraction industry increased 85.7% to $174.0 billion in 2021 from $93.7 billion in 2020. According to the Raw materials price index, the price of crude oil and bitumen increased by 70.8% from 2020, while the price of natural gas increased by 15.8%. Total production for crude oil rose by 6.2%, while total natural gas production increased by 3.9%.
As a result, the combination of rising oil and natural gas prices along with increased production volumes, greatly contributed to the overall increase in revenue for the industry.
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