Feb 2, 2026

India’s growing appetite for crude oil, LPG and LNG offers opportunities to expand energy purchases from Canada, while Indian refiners will explore the potential to ship more petroleum products to the North American country, the two countries said in a joint statement on January 27, as reported by Platts. The statement was issued on the sidelines of India Energy Week in the western city of Goa and after Canada’s Minister of Energy and Natural Resources Timothy Hodgson’s meeting with Petroleum Minister Hardeep Singh Puri. It pledged to jointly explore investment partnerships in each other’s energy sector.

“India, as a major consumer, and Canada as a safe, secure and reliable supplier, can act in partnership to deepen trade and ensure stable and secure energy supplies,” the joint statement said.

Growing Crude Flows

India imported 84,000 b/d of Canadian-origin crude oil, typically loaded from the US, in 2025, up 52% year over year, data from S&P Global Commodities at Sea showed. The key imported grade is Cold Lake, with relatively smaller volumes of Access Western Blend and Western Canadian Select. Hodgson’s visit to India comes after Puri in November met Canada’s Minister of International Trade, Maninder Sidhu, in New Delhi to discuss expanding bilateral hydrocarbon trade.

Canada is increasing production and exports of crude oil to markets in Asia via the Trans Mountain Expansion Pipeline, advancing liquefied petroleum gas exports to Asia via the west coast of Canada, as well as has new LNG projects coming up, the statement said.

At the same time, India, as a leading consumer of crude oil and LPG and a leading importer of LNG, is projected to remain at the center of the global energy landscape, accounting for over one-third of the growth in global energy demand over the next two decades, the largest contribution by any country, the statement added.

“Even efforts are underway in India to substantially scale up domestic oil production, significantly expand refining capacity and increase the use of natural gas in the energy mix. Thus, India and Canada have significant potential to emerge as strong collaborators in the area of energy fuels. In this context, the ministers affirm to deepen bilateral energy trade, including supply of Canadian LNG, LPG, and crude oil to India, and supply of refined petroleum products from India to Canada,” the statement said.

“Canada is acting quickly to build energy projects and supply products to international markets, with Asia as a priority region. India is also investing heavily in building its energy supplies, creating investment opportunity of up to $500 billion in overall value chain of energy sector,” the statement said.

Recognizing this, the ministers agreed to deepen long-term partnerships aimed at facilitating increased reciprocal investment in Indian and Canadian energy sectors, it added.

Prime Minister Narendra Modi told IEW Jan. 27 that India’s appetite for energy had opened up investment opportunities worth up to $500 billion as the country looks to raise refining capacity, boost domestic E&P activity, expand LNG infrastructure and embrace new forms of energy.

Climate-Related Goals

The ministers of both countries also recognized the importance of climate-related objectives. This includes efforts to reduce emissions in conventional energy value chains, including through carbon capture utilization and storage, and support for the development and deployment of cleaner technologies as energy demand grows, the statement said.

“Recognizing that there exists a huge potential for cooperation in clean energy value chains, the ministers noted the opportunities for collaboration in renewable energy, including hydrogen, biofuels and sustainable aviation fuel; battery storage; critical minerals; clean technologies; electricity systems; energy supply chain resilience, and the application of artificial intelligence in the energy sector,” the statement said.

Speaking at a separate panel during IEW, Hodgson said that a more fragmented and mercantilist global trading environment had reinforced the importance of trusted partnerships and diversified supply chains.

Highlighting Canada’s position as a major producer of oil, gas and critical minerals, he expressed strong interest in deepening cooperation with India, particularly in the areas of LNG, critical minerals, oil supplies and long-term energy trade, adding that countries like India and China must work together to uphold free trade, reliability and non-coercive energy relationships.

Source: IndexBox Market Intelligence Platform

This report provides a comprehensive view of the crude oil industry in Canada, tracking demand, supply, and trade flows across the national value chain. It explains how demand across key channels and end-use segments shapes consumption patterns, while also mapping the role of input availability, production efficiency, and regulatory standards on supply.

Beyond headline metrics, the study benchmarks prices, margins, and trade routes so you can see where value is created and how it moves between domestic suppliers and international partners. The analysis is designed to support strategic planning, market entry, portfolio prioritization, and risk management in the crude oil landscape in Canada.

Quick navigation
Key findings

Domestic demand is shaped by both household and industrial usage, with trade flows linking local supply to imports and exports.
Pricing dynamics reflect unit values, freight costs, exchange rates, and regulatory shifts that affect sourcing decisions.
Supply depends on input availability and production efficiency, creating a distinct national cost curve.
Market concentration varies by segment, creating different competitive landscapes and entry barriers.
The 2035 outlook highlights where capacity investment and demand growth are most aligned within the country.
Report scope

The report combines market sizing with trade intelligence and price analytics for Canada. It covers both historical performance and the forward outlook to 2035, allowing you to compare cycles, structural shifts, and policy impacts.

Market size and growth in value and volume terms
Consumption structure by end-use segments
Production capacity, output, and cost dynamics
Trade flows, exporters, importers, and balances
Price benchmarks, unit values, and margin signals
Competitive context and market entry conditions
Product coverageCountry coverageCountry profile and benchmarks

This report provides a consistent view of market size, trade balance, prices, and per-capita indicators for Canada. The profile highlights demand structure and trade position, enabling benchmarking against regional and global peers.

Methodology

The analysis is built on a multi-source framework that combines official statistics, trade records, company disclosures, and expert validation. Data are standardized, reconciled, and cross-checked to ensure consistency across time series.

International trade data (exports, imports, and mirror statistics)
National production and consumption statistics
Company-level information from financial filings and public releases
Price series and unit value benchmarks
Analyst review, outlier checks, and time-series validation

All data are normalized to a common product definition and mapped to a consistent set of codes. This ensures that comparisons across time are aligned and actionable.

Forecasts to 2035

The forecast horizon extends to 2035 and is based on a structured model that links crude oil demand and supply to macroeconomic indicators, trade patterns, and sector-specific drivers. The model captures both cyclical and structural factors and reflects known policy and technology shifts in Canada.

Historical baseline: 2012-2025
Forecast horizon: 2026-2035
Scenario-based sensitivity to income growth, substitution, and regulation
Capacity and investment outlook for major producing companies

Each projection is built from national historical patterns and the broader regional context, allowing the report to show where growth is concentrated and where risks are elevated.

Price analysis and trade dynamics

Prices are analyzed in detail, including export and import unit values, regional spreads, and changes in trade costs. The report highlights how seasonality, freight rates, exchange rates, and supply disruptions influence pricing and margins.

Price benchmarks by country and sub-region
Export and import unit value trends
Seasonality and calendar effects in trade flows
Price outlook to 2035 under baseline assumptions
Profiles of market participants

Key producers, exporters, and distributors are profiled with a focus on their operational scale, geographic footprint, product mix, and market positioning. This helps identify competitive pressure points, partnership opportunities, and routes to differentiation.

Business focus and production capabilities
Geographic reach and distribution networks
Cost structure and pricing strategy indicators
Compliance, certification, and sustainability context
How to use this report

Quantify domestic demand and identify the most attractive segments
Evaluate export opportunities and prioritize target destinations
Track price dynamics and protect margins
Benchmark performance against leading competitors
Build evidence-based forecasts for investment decisions

This report is designed for manufacturers, distributors, importers, wholesalers, investors, and advisors who need a clear, data-driven picture of crude oil dynamics in Canada.

FAQ
What is included in the crude oil market in Canada?

The market size aggregates consumption and trade data, presented in both value and volume terms.

How are the forecasts to 2035 built?

The projections combine historical trends with macroeconomic indicators, trade dynamics, and sector-specific drivers.

Does the report cover prices and margins?

Yes, it includes export and import unit values, regional spreads, and a pricing outlook to 2035.

Which benchmarks are included?

The report benchmarks market size, trade balance, prices, and per-capita indicators for Canada.

Can this report support market entry decisions?

Yes, it highlights demand hotspots, trade routes, pricing trends, and competitive context.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business

REPORT DESCRIPTION
RESEARCH METHODOLOGY AND THE AI PLATFORM
DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
GLOSSARY AND SPECIFIC TERMS

2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance

KEY FINDINGS
MARKET TRENDSThis Chapter is Available Only for the Professional EditionPRO

3. MARKET OVERVIEW

Understanding the Current State of The Market and its Prospects

MARKET SIZE: HISTORICAL DATA (2012–2025) AND FORECAST (2026–2035)
MARKET STRUCTURE: HISTORICAL DATA (2012–2025) AND FORECAST (2026–2035)
TRADE BALANCE: HISTORICAL DATA (2012–2025) AND FORECAST (2026–2035)
PER CAPITA CONSUMPTION: HISTORICAL DATA (2012–2025) AND FORECAST (2026–2035)
MARKET FORECAST TO 2035

4. MOST PROMISING PRODUCTS FOR DIVERSIFICATION

Finding New Products to Diversify Your Business

TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
BEST-SELLING PRODUCTS
MOST CONSUMED PRODUCTS
MOST TRADED PRODUCTS
MOST PROFITABLE PRODUCTS FOR EXPORTS

5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain

TOP COUNTRIES TO SOURCE YOUR PRODUCT
TOP PRODUCING COUNTRIES
TOP EXPORTING COUNTRIES
LOW-COST EXPORTING COUNTRIES

6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Export

TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
TOP CONSUMING MARKETS
UNSATURATED MARKETS
TOP IMPORTING MARKETS
MOST PROFITABLE MARKETS

7. PRODUCTION

The Latest Trends and Insights into The Industry

PRODUCTION VOLUME AND VALUE: HISTORICAL DATA (2012–2025) AND FORECAST (2026–2035)

8. IMPORTS

The Largest Import Supplying Countries

IMPORTS: HISTORICAL DATA (2012–2025) AND FORECAST (2026–2035)
IMPORTS BY COUNTRY: HISTORICAL DATA (2012–2025)
IMPORT PRICES BY COUNTRY: HISTORICAL DATA (2012–2025)

9. EXPORTS

The Largest Destinations for Exports

EXPORTS: HISTORICAL DATA (2012–2025) AND FORECAST (2026–2035)
EXPORTS BY COUNTRY: HISTORICAL DATA (2012–2025)
EXPORT PRICES BY COUNTRY: HISTORICAL DATA (2012–2025)

10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles

LIST OF TABLES

Key Findings In 2025
Market Volume, In Physical Terms: Historical Data (2012–2025) and Forecast (2026–2035)
Market Value: Historical Data (2012–2025) and Forecast (2026–2035)
Per Capita Consumption: Historical Data (2012–2025) and Forecast (2026–2035)
Imports, In Physical Terms, By Country, 2012–2025
Imports, In Value Terms, By Country, 2012–2025
Import Prices, By Country, 2012–2025
Exports, In Physical Terms, By Country, 2012–2025
Exports, In Value Terms, By Country, 2012–2025
Export Prices, By Country, 2012–2025

LIST OF FIGURES

Market Volume, In Physical Terms: Historical Data (2012–2025) and Forecast (2026–2035)
Market Value: Historical Data (2012–2025) and Forecast (2026–2035)
Market Structure – Domestic Supply vs. Imports, in Physical Terms: Historical Data (2012–2025) and Forecast (2026–2035)
Market Structure – Domestic Supply vs. Imports, in Value Terms: Historical Data (2012–2025) and Forecast (2026–2035)
Trade Balance, In Physical Terms: Historical Data (2012–2025) and Forecast (2026–2035)
Trade Balance, In Value Terms: Historical Data (2012–2025) and Forecast (2026–2035)
Per Capita Consumption: Historical Data (2012–2025) and Forecast (2026–2035)
Market Volume Forecast to 2035
Market Value Forecast to 2035
Market Size and Growth, By Product
Average Per Capita Consumption, By Product
Exports and Growth, By Product
Export Prices and Growth, By Product
Production Volume and Growth
Exports and Growth
Export Prices and Growth
Market Size and Growth
Per Capita Consumption
Imports and Growth
Import Prices
Production, In Physical Terms: Historical Data (2012–2025) and Forecast (2026–2035)
Production, In Value Terms: Historical Data (2012–2025) and Forecast (2026–2035)
Imports, In Physical Terms: Historical Data (2012–2025) and Forecast (2026–2035)
Imports, In Value Terms: Historical Data (2012–2025) and Forecast (2026–2035)
Imports, In Physical Terms, By Country, 2025
Imports, In Physical Terms, By Country, 2012–2025
Imports, In Value Terms, By Country, 2012–2025
Import Prices, By Country, 2012–2025
Exports, In Physical Terms: Historical Data (2012–2025) and Forecast (2026–2035)
Exports, In Value Terms: Historical Data (2012–2025) and Forecast (2026–2035)
Exports, In Physical Terms, By Country, 2025
Exports, In Physical Terms, By Country, 2012–2025
Exports, In Value Terms, By Country, 2012–2025
Export Prices, By Country, 2012–2025