The oil price and demand crash in April resulted in Canada’s energy exports plunging by the most on record, with crude oil exports plummeting by 55.1 percent, Statistics Canada said on Thursday, reporting the lowest levels in total merchandise trade in a decade. As the coronavirus pandemic and the lockdowns to contain it crushed demand for oil in Canada’s key export market, the United States, exports of energy products plunged by US$2.66 billion (C$3.6 billion), the largest decrease on record, which was mostly due to the plunge in crude oil exports. “Reduced demand for energy products in April due to confinement measures resulted in a drastic decrease in crude oil export prices, as well as lower export volumes,” Canada’s statistics office said today. The price of Western Canadian Select (WCS) , the benchmark price of oil from Canada’s oil sands delivered at Hardisty, Alberta, typically tracks the trend in […]