CANADA ECONOMICS

US - IRAN

FULL REPORT (including repercussion in Canada): http://e-gonomics.blogspot.ca/2018/05/us-iran-dos.html

CANADA - CARICOM

Global Affairs Canada. May 9, 2018. Minister Bibeau concludes participation at annual meeting of Caribbean Community’s Council for Foreign and Community Relations 

Nassau, The Bahamas - Canada is a long-standing friend and partner of the Caribbean. Canada is committed to working with Caribbean partners to enhance relations, including by strengthening long-term economic and climate resilience in the region.

The Honourable Marie-Claude Bibeau, Minister of International Development and La Francophonie, today concluded a three-day visit to The Bahamas, where she attended the 21st meeting of the Caribbean Community’s (CARICOM’s) Council for Foreign and Community Relations to discuss key issues of regional importance, such as the impact of climate change.

The Minister also held a number of bilateral meetings with Caribbean partners and, on behalf of Prime Minister Justin Trudeau, attended the launch of The Bahamas’ Delivery Unit, an important initiative to improve accountability and achieve results that will improve lives in the region.

Throughout her visit, the Minister reiterated Canada’s commitment to support post-hurricane reconstruction and long-term climate and economic resilience in the region. She noted Canada’s commitment to championing the interests of vulnerable Caribbean states in international forums, such as the G7 and the United Nations. She also highlighted the importance of promoting gender equality and the empowerment of women and girls—objectives at the heart of Canada’s Feminist International Assistance Policy—to reduce poverty and build economic growth that leaves no one behind.

Quotes

“Canada is committed to strengthening the Canada-Caribbean relationship and addressing key issues of regional importance, such as the impact of climate change, as well as enhanced trade and investment. That is why, as part of our 2018 G7 presidency, development and finance ministers as well as central bank governors will meet this month to discuss solutions that will support climate and economic resilience in this time of need.”

- Marie-Claude Bibeau, Minister of International Development and La Francophonie

Quick facts

• CARICOM was established in 1973 to foster regional economic integration and includes 15 members: Antigua and Barbuda, The Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Haiti, Jamaica, Montserrat, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Suriname and Trinidad and Tobago.
• In response to hurricanes Maria and Irma in the fall of 2017, Canada provided over $2 million for humanitarian assistance and later pledged $100 million over five years at the November 2017 UN-CARICOM conference on reconstruction and climate resilience in the Caribbean region.
• In April 2018, at the Summit of the Americas in Peru, Prime Minister Trudeau announced that Canada would provide an additional $25 million for two initiatives that will improve climate-resilience efforts in the Caribbean.
• G7 development and finance ministers and central bank governors will meet on the theme of Investing in Growth That Works for Everyone from May 31 to June 2, 2018, in Whistler, British Columbia.

FULL DOCUMENT: https://www.canada.ca/en/global-affairs/news/2018/05/minister-bibeau-concludes-participation-at-annual-meeting-of-caribbean-communitys-council-for-foreign-and-community-relations.html

ENERGY

StatCan. 2018-05-09. Crude oil and natural gas: Supply and disposition, February 2018

• Production of crude oil and equivalent products: 20.3 million cubic metres, February 2018, 4.8% increase (12-month change)
• Exports of crude oil and equivalent products: 15.8 million cubic metres, February 2018, 3.5% increase (12-month change)
• Source(s): CANSIM table 126-0003: http://www5.statcan.gc.ca/cansim/a26?lang=eng&retrLang=eng&id=1260003&&pattern=&stByVal=1&p1=1&p2=31&tabMode=dataTable&csid=

Canada produced 20.3 million cubic metres (127.4 million barrels) of crude oil and equivalent products in February, up 4.8% compared with the same month in 2017.

Crude oil production

In February, increases of light and medium crude oil (+12.1%), non-upgraded crude bitumen (+5.2%) and equivalent products (+21.6%) contributed to the overall rise in total production. Meanwhile, routine maintenance and turnaround from January's temporary outage at an Alberta facility was an ongoing factor in lower synthetic output (-2.3%).

The increase of non-upgraded crude bitumen in February was driven primarily by higher in-situ production (+3.2% to 7.2 million cubic metres). Over the same period, mined production edged up 0.2% to 6.4 million cubic metres, while crude bitumen sent for further processing declined 2.6% to 5.7 million cubic metres.

Chart 1: Production of crude oil and equivalent products

Crude oil extraction and oil sands extraction

In February, crude oil production (excluding equivalent products) totalled 18.7 million cubic metres, up 3.6% from the same month a year earlier. Oil sands extraction (formerly non-conventional oil extraction), which consists of non-upgraded crude bitumen and synthetic crude oil, increased 2.2% from the previous year to reach 12.9 million cubic metres. Oil extraction (formerly conventional oil extraction) of light, medium and heavy crude oils increased 7.0% to 5.8 million cubic metres.

Chart 2: Crude oil and oil sands extraction

Provincial production

Alberta produced 16.3 million cubic metres of crude oil and equivalent products in February, up 4.6% from the same month a year earlier. Alberta (80.7%), Saskatchewan (10.9%) and Newfoundland and Labrador (5.9%) comprised the majority of Canadian production of crude oil and equivalent products.

Refinery use of crude oil

Input of crude oil to Canadian refineries totalled 7.8 million cubic metres in February, up 3.5% from the same month a year earlier. Light, medium and heavy crude oils accounted for 65.8% of the total, while crude from oil sands represented the remaining 34.2%. Light and medium crude (4.0 million cubic metres) and synthetic crude (2.2 million cubic metres) continued to be the main types of oil used by Canadian refineries.

Exports and imports

Exports of crude oil and equivalent products were up 3.5% to 15.8 million cubic metres in February. The vast majority of exports (86.6%) were transported via pipelines to the United States, while exports by other means (including rail, truck, and marine) to the United States accounted for 10.0%. The remaining 3.4% of exports went to countries other than the United States.

Imports to refineries, which tend to be volatile, were down 16.6% to 2.6 million cubic metres.

Chart 3: Exports and imports of crude oil and equivalent products

Closing inventories

Closing inventories of crude oil and equivalent products were down 5.8% from the same month a year earlier to 18.6 million cubic metres in February. The total was comprised of transporters (-5.5% to 12.1 million cubic metres), refineries (-7.4% to 3.9 million cubic metres), and fields and plants (-4.6% to 2.6 million cubic metres).

Natural gas production

Marketable natural gas production in Canada totalled 13.5 billion cubic metres in February, up 8.0% from the same month a year earlier. Production of natural gas was concentrated in Alberta (68.9%) and British Columbia (29.1%).

Additional information on natural gas is available in "Natural gas transmission, storage and distribution," published in The Daily on April 18, 2018.

Table 126-0003 ¹
Supply and disposition of crude oil and equivalent
monthly (cubic metres)

• Tab 1:Data table
• Tab 2:Add/Remove data
• Tab 3:Manipulate
• Tab 4:Download
• Tab 5:Related information
• Tab 6:Help

Data table

The data below is a part of CANSIM table  126-0003.  Use the  Add/Remove data  tab to customize your table.

Selected items [Add/Remove data]

Geography = Canada
Units of measure = Cubic metres

Supply and disposition 2	2017			2018
	October	November	December	January	February
footnotes
Crude oil production	18,749,287	19,688,552	20,673,459	19,891,888	18,676,851
Equivalent products production	1,710,475	1,708,366	1,763,690	1,740,906	1,576,307
Imports 5	3,622,706	3,501,596	4,054,066	4,191,065	3,923,909
Exports	16,172,912	15,039,104	16,247,401	17,432,751	15,829,293

Footnotes:

1.

Changes have been made to the content and methodology of the Monthly Supply and Disposition of Crude Oil and Equivalent. These new changes have resulted in the creation of CANSIM table 126-0003. Consequently, the information in this table is no longer directly comparable with information that was previously made available in CANSIM table 126-0001. This historical table will remain available for historical revisions.

2.

Total supply could be calculated by adding Crude oil production, Equivalent products production, and Imports. Total disposition could be calculated by adding Input to Canadian refineries, Exports, and Inventory changes.

3.

Non-upgraded production of crude bitumen is equal to the sum of In-Situ crude bitumen production and mined crude bitumen production, less the amount of crude bitumen sent for further processing.

4.

Condensate includes both lease condensate and plant condensate.

5.

Imports include both pipeline and non-pipeline imports.

6.

Deliveries to refineries and exports do not add to total supply due to losses, other uses and inventory changes.

Source:  Statistics Canada. Table  126-0003 -  Supply and disposition of crude oil and equivalent, monthly (cubic metres unless otherwise noted),  CANSIM (database). (accessed: )

FULL DOCUMENT: http://www.statcan.gc.ca/daily-quotidien/180509/dq180509c-eng.pdf

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LGCJ.: