Western Canadian Select (WCS) crude oil monthly price 2020-2025

In January 2025, the average monthly price of the Canadian oil benchmark Western Canadian Select amounted to 62.86 U.S. dollars per barrel. This was an increase compared to the previous month. Western Canadian Select is a heavy sour blend of crude oil, produced exclusively in Western Canada.

The importance of Canada’s oil sands

Not only are the oil sands a vital part of the Canadian energy industry, they play a large part in the national economy as well. In 2023, the oil sands extraction industry contributed over 38 billion Canadian dollars to Canada's GDP. This represented a share of 1.74 percent of the total GDP. Furthermore, they are the largest single source of oil exports to their neighbors to the south, the United States. Oil sands are a combination of sand, water, and bitumen, and therefore a more expensive source of crude oil than conventional oil as oil sands require extensive processing. Meanwhile, that same year the contribution of conventional crude oil and gas extraction stood at 33 billion Canadian dollars, which translated to 1.52 percent of total GDP.

Canada’s main oil export partner remains the U.S. 

In 2023, Canada’s oil exports amounted to over 4.8 million barrels per day. This was a historical high and represented more than twice the amount exported in 2005 thanks to oil sand exploration. The United States is Canada’s main oil destination market, receiving 192.9 million metric tons in 2023. Far in second place came China, with 7.5 million metric tons exported there that same year.