hr: Currency

Photo Credit: rick
Let’s face it - one of the one of the world’s basic necessities is oil. In developed countries, most, if not all, of the people cannot live without it. The rise in oil prices has brought a big boost to oil producers’ pocketbooks. On the other hand, oil consumers have had to pinch pennies and tighten their belts.

Canada as you know is a net oil exporter, in fact it is the 9th largest crude oil producer in the world, and has benefited the most from the oil rally, while Japan, which is a big time oil importer, suffered the most.

Photo Credit: species_snob
Canada continues to climb up the oil producers’ list, with the steady increase in oil sands production. Did you know that in 2000 Canada even surpassed Saudi Arabia as the most significant oil supplier to the United States?

What isn’t known to many is that the size of the Canadian oil reserve is second only to Saudi Arabia.

The United States and Canada’s geographical proximity coupled with the growing political tension in the Middle East and South America, renders Canada as among the United State’s important source of oil.

However, Canada’s vast oil resources is getting a lot of attention from China, especially after Canada stumbled upon a new oil stash following a reclassification of its Alberta oil sands to the “economically recoverable” category.

This is the reason why the Canadian dollar has become one of the currencies that will benefit the most from an ongoing oil price surge.

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