EIA: U.S.-Canada Energy Trade Falls 11% to $137 Billion in 2025 Despite Stable Crude Volumes

The U.S. Energy Information Administration (EIA) reported on July 29, 2026 that the value of bilateral energy trade between the United States and Canada fell 11% in 2025 to $137 billion, dragged down by lower crude prices rather than any contraction in physical volumes.

Of the bilateral total, $111 billion corresponded to U.S. imports of Canadian energy and $26 billion to U.S. exports to Canada. Crude oil accounted for $94.7 billion (69% of total trade), a 16% decline from 2024, according to the EIA. Brent averaged $69 per barrel in 2025, $11 less than the prior year, compressing trade value without a commensurate collapse in physical flows: U.S. imports of Canadian crude averaged 3.9 million barrels per day (mb/d), just 4% below 2024 levels. The same price pressure weighing on Brent flows through the entire Gulf basin and into Latin American blends indexed to that benchmark, including the Mexican Blend.

On the Canadian side, the Canada Energy Regulator (CER) reports that hydrocarbon exports to the U.S. totaled $157.5 billion, equivalent to 20.2% of Canada's total goods exports to the world. Natural gas contributed $12.5 billion, with a flow of 8,600 million cubic feet per day (Bcf/d) into the U.S. market. Electricity exports totaled $3.3 billion (32.7 terawatt-hours) and refined petroleum products another $15.5 billion. Taken together, Canada covered 63.4% of U.S. crude imports and virtually all U.S. natural gas imports, consolidating its position as the dominant energy supplier to the United States.

The EIA underscores that the decline in trade value reflects price conditions, not demand. With Brent trading between $67 and $72 per barrel so far in 2026, the trajectory of North American energy trade this year will depend more on global oil market dynamics and OPEC+ supply decisions than on bilateral factors.

This article was produced with artificial intelligence assistance from verified sources and reviewed by a human editor before publication.