Oil and Gas Fast Facts

Canada is well recognized for its part in the production of oil and gas. It is a major industry for this country. But, there are a lot of people that just take it for granted, and don’t really know some of the important facts about it.

How Much Production Per Day

It has been said that the refineries in Canada can handle the processing of 1.9 million barrels per day of petroleum. This is quite impressive. The crude oil that Canada harvests comes from rock formations. With one of its many uses being for fuel.

Who Has the Most Crude Oil in Reserve

There always seems to be a battle of who has the most crude oil reserve. According to a recent news article: https://www.cnn.com/2013/07/30/world/oil-and-gasoline-fast-facts/index.html Canada as of 2016 had 171 billion barrels. While that may seem like a lot, which it is Venezuela beats this with a whopping 300 billion barrels. Many think that it would be the United Arab Emirates that would be in the lead, but for them their reserve is 98 billion barrels.

Who is the Leader in Production

Ask Canadians which county leads in the production of crude oil and they will quickly say Canada of course. However, this is not true. It is the United States who takes the lead in total world production of petroleum.

Canada’s Import

While Canada is a big producer of refined petroleum the country is also a big consumer of it. To meet the Canadian consumer’s needs, about 13% of what is consumed is imported.

Canada’s Export

Just because Canada imports it doesn’t mean that it doesn’t export too. This country exports about 92% of exports to the United States compared to the 20% it imports from the US.

Just these few but interesting facts makes the reader a little wiser about current and past news regarding the oil and gas industry.