Record high crude oil production largely driven by oil sands: Crude oil year in review 2023
Geopolitical conflicts continued to cause uncertainty in the crude oil markets in 2023, although prices subsided from the elevated levels of 2022. Annual production of crude oil and equivalent products rose for the third consecutive year, up 1.4% to 286.4 million cubic metres in 2023, resulting in the highest volume since the start of this data series in 2016. Based on the latest available international data (2022), Canada remained among the top four oil producers worldwide.