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(Kitco News) - According to Statistics Canada (StatsCan), the domestic mining, quarrying, and oil and gas extraction sector grew 1.2% in April as all subsectors were up. This was the fourth consecutive month of growth in the sector.
StatsCan said that Canada’s oil and gas extraction subsector rose 0.8% in April. This is the first time since the fall of 2021 that the subsector increased in at least four consecutive months.
The agency added that oil and gas extraction (except oil sands) led the growth with a 2.1% expansion in April 2023 following a tepid start to the year.
“Crude petroleum extraction contributed the most to the increase as increased production off Canada's North Atlantic coast more than offset lower crude production in the west. Natural gas extraction, led by Alberta, continued to expand, reflecting continued natural gas storage replenishment,” StatsCan said.
Oil sands extraction edged down 0.1%, while support activities for mining and oil and gas extraction (+4.6%) grew for the third consecutive month, largely due to increases in both rigging and drilling activity in April.
Importantly, according to the report, Canada’s mining and quarrying (except oil and gas extraction) subsector expanded 0.8% in April.
“A 2.4% increase in non-metallic mineral mining and quarrying contributed the most to the subsector's growth, led by potash mining (+2.3%). Coal mining (+5.2%) further contributed to the growth in the subsector, coinciding with monthly increases in both rail carloadings and higher exports of the commodity to South Korea,” the agency said.
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