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Economic Viewpoint

What Does the Future Hold for Canada’s Oil Industry?

October 19, 2021
Jimmy Jean, Vice-President, Chief Economist and Strategist, and Marc-Antoine Dumont, Economist

After a number of tough years, Canada’s oil and natural gas industry seems to be in better shape. While low oil prices and high operating costs had cast doubt on the sector’s profitability in Canada, the recent increase in prices and economies of scale leading to lower production costs paint a much more positive picture. This presently favourable situation for the Canadian industry should help it adjust to a changing economic and legislative environment, as the energy transition accelerates. With that, the industry is up against many daunting logistical and climate challenges. The future of Canada’s oil and natural gas industry therefore depends on its capacity to overcome them all.

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