Canada�s total Oil production (including all liquids) was 3.1 million barrels per day (bbl/d) in 2005, while the country consumed 2.3 million bbl/d that year. The country's oil production has been increasing since 1999, as new oil sands and offshore projects have come on-stream to replace aging fields in the western provinces.
Overall, analysts predict that oil sands production will increase significantly in coming years and offset the decline in Canada�s conventional Crude Oil production.
According to Oil and Gas Journal (OGJ), Canada had a reported 178.8 billion barrels of proven oil reserves as of January 2006, second only to Saudi Arabia. However, the bulk of these reserves (over 95%) are oil sands deposits in Alberta. The inclusion of oil sands in official reserve estimates is not without controversy, because oil sands are much more difficult to extract and process than conventional crude oil.
Canada sends over 99 percent of its crude oil exports to the U.S., and it is one of the most important sources of U.S. oil imports. During the first eleven months of 2005, Canada exported 1.6 million bbl/d of crude oil to the U.S., the single-largest source of U.S. crude oil imports. Canada also sent some 520,000 bbl/d of Petroleum products to the U.S. during this period, the most from a single country.
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