Oil Price in Canada — Brent & WTI Crude Today

Canada is one of the world's top oil producers, with vast oil sands reserves in Alberta. Canadian heavy crude trades at a discount to both Brent and WTI, but international Brent prices still influence Canadian energy revenues.

Classified here as a significant producer outside opec+, Canada trades against WTI at Cushing. That is the pricing reference the sections below work from — the headline Brent number quoted at the top of this page is the global marker, not necessarily the price Canada settles at.

Canada produces at scale outside the OPEC+ framework, so its output responds to price and drilling economics rather than to a negotiated quota. That makes it a swing factor the cartel has to plan around: when Brent rises far enough to make new projects work here, the supply response arrives with a lag and caps the rally.

North American crude clears against WTI, and the Brent–WTI spread is what decides whether cargoes flow to Europe and Asia or stay in the domestic system.

Canada refines for its own market. Domestic refining means crude is imported or produced and converted locally, so the local fuel price reflects crude cost plus the domestic refining margin rather than the landed cost of finished product. Refinery outages and turnaround schedules can therefore move pump prices here independently of Brent.

Crude is invoiced in US dollars, so buyers in Canada face two prices at once: the Brent price and the CAD exchange rate. A weakening CAD raises the local cost of a barrel even when Brent is flat, which is why domestic fuel prices in currency-exposed markets often fail to fall when the benchmark does. The reference rate used in the estimates on this site is 1.37 CAD per USD.