Canadian Crude Exports Drop 55% Following Oil Price Crash

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…