New data shows that Canadian %Energy production has hit record levels despite ongoing turmoil caused by the threat of U.S. import tariffs on crude oil and natural gas.
Statistics Canada reports that crude oil production in Canada rose 2% year-over-year in December 2024 to 27.1 million cubic meters, which is an all-time high.
Exports of crude %Oil and equivalents also reached record levels last December, rising 2.1% from a year earlier, driven by surging shipments to the U.S. via rail and tanker ships.
%NaturalGas output also reached a record level within Canada as demand in the U.S. rose alongside cold winter temperatures.
Statistics Canada noted that 95% of Canada’s crude oil exports went to the United States.
News of the record energy production comes amid U.S. President Donald Trump’s on again, off again threats to impose a 10% tariff on all imports of Canadian energy products.
Trump has been threatening the tariffs on Canadian energy products since his re-election last November.
However, U.S. Energy Secretary Chris Wright recently said that a deal with Canada to avoid tariffs on imports of crude oil and natural gas is possible.
Speaking to CNBC, Wright said, “We can get to no tariffs or very low tariffs but it’s got to be reciprocal.”
West Texas Intermediate (WTI) crude oil, the U.S. standard, is currently at $66.74 U.S. per barrel, while Brent crude oil, the international benchmark, is trading at $70.04 U.S. a barrel.
