Canada’s mining, quarrying and oil and gas extraction fell 1.6% in October – StatCan

Editors Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of todays must-read news and expert opinions. Sign up here! ( Kitco News ) – According to Statistics Canada (StatCan), Canada’s mining, quarrying and oil and gas extraction sector contracted 1.6% in October. StatCan said that the domestic oil and gas extraction contracted 2.0% in October, led by a decrease in oil sands extraction. The agency added that oil sands extraction decreased 3.9% in October, with lower synthetic oil production in Alberta contributing the most to the decrease. "Production was interrupted by the commencement of scheduled maintenance activity at some synthetic crude upgraders in Alberta. Still production levels of crude bitumen remained elevated in October," the authors of the report said. Canada’s oil and gas extraction (except oil sands) increased 1.3% in October, as an increase in conventional crude petroleum extraction was partially offset by a decrease in natural gas extraction. StatCan also reported that the domestic mining and quarrying (except oil and gas) contracted 0.7% in October as a result of a decrease in metal ore mining. "All metal ore mining industries decreased, with the largest […]

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