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ST98

Updated March 2018

This section provides an overview for crude oil prices:

Table 1.1

Highlights

  • West Texas Intermediate (WTI), Canadian Light Sweet (CLS), and Western Canadian Select (WCS) crude oil prices increased in 2017 by an estimated 17, 17, and 31 per cent, respectively, as cuts to global production levels helped reduce global crude inventories. Actual and forecast crude oil prices are shown in Table 1.1 [HTML].
  • The price of WTI is projected to increase over the forecast period and average US$84.47 per barrel (bbl) in 2027 as global supply and demand come into balance.
  • The price of CLS is projected to mirror the WTI price and strengthen throughout the forecast period, reaching Cdn$93.07/bbl by 2027.
  • The price of WCS is projected to increase over the forecast period and average US$64.47/bbl in 2027; however, the price differential between WCS and WTI is projected to widen over the forecast period due to production increases, pipeline constraints, and potential impacts from new global sulphur regulations.