Canada's oil sands extraction plummets 3.9% in October

By Ovunc Kutlu

ISTANBUL (AA) - Canada's extraction of oil sands, a type of unconventional petroleum deposit abundant in the country, plummeted 3.9% in October, said the national statistics agency on Friday.

"Oil and gas extraction contracted 2% in October, led by a decrease in oil sands extraction," Statistics Canada said in a report.

However, oil and natural gas extraction, excluding oil sands, rose 1.3% in October, as an increase in conventional crude petroleum extraction was partially offset by a decrease in natural gas extraction, according to the report.

Gross domestic product rose 0.1% in October, in line with market estimates, with 11 of 20 industrial sectors showing expansion. The figure follows a 0.2% GDP gain in September.

"Increases in the utilities, wholesale, and finance and insurance sectors were partially offset by decreases in the construction, retail, and mining, quarrying, and oil and gas extraction sectors," it added.

The 0.3% growth in services-producing industries was partially offset by a decline in goods-producing industries that showed a contraction of 0.7%.

The arts, entertainment, and recreation sector showed strong gains, jumping 2.2% in October, up for the ninth consecutive month, according to the agency.