According to the Canada-Newfoundland and Labrador Offshore Energy Regulator (C-NLOER), 6.4 million barrels of oil were produced offshore Newfoundland and Labrador in September 2026, a decrease of 9.8% compared with September 2025 (see Figure 1). The value of production totalled just over $1.0 billion, an increase of 52.8% year over year.

• Production decreased by nearly 50% at Hibernia and declined slightly at Hebron in September 2026 compared with a year earlier, but increased at White Rose and Terra Nova. The decrease in production at Hibernia more than offset the production growth recorded at other oilfields.
• Lower production at Hibernia in September 2026 follows a period of relatively strong production earlier in the year. Output exceeded 3 million barrels in April, May and August 2026, compared with a more typical monthly level of approximately 2 million barrels.
• Brent crude oil prices averaged US$114 per barrel in September 2026, up 67.9% from US$68 per barrel in September 2025. It was the second-highest monthly average recorded so far in 2026, after April (US$117 per barrel).

Global crude oil markets remained relatively tight through September, as geopolitical tensions in the Middle East continued to support supply concerns and contribute to price volatility.

• Ongoing disruptions to shipping through both the Strait of Hormuz and the Bab el-Mandeb Strait continued to constrain global energy supply chains and contributed to elevated risk premiums in oil markets.
• Despite some moderation in global oil demand growth, ongoing infrastructure disruptions and limited spare production capacity continued to support crude oil prices.
• Oil prices strengthened through late August and September as ceasefire arrangements deteriorated and attacks on energy infrastructure escalated. Brent crude reached US$136 per barrel on October 2, approaching the highs recorded earlier this year.
• OPEC+ maintained existing production targets through November 2026, signalling a cautious approach to increasing global supply amid ongoing market uncertainty.

The estimated value of Newfoundland and Labrador’s crude oil output is reported in Canadian dollars; the average Canada-U.S. exchange rate in September 2026 stood at 71.6 cents/U.S. dollar, compared with 72.3 cents/U.S. dollar in September 2025.

On a year-to-date basis, the volume of oil production from offshore Newfoundland and Labrador increased by 17.5% in the January to September 2026 period compared with the same period in 2025. The corresponding value of production totalled $9.7 billion, up 53.2% compared with the same period last year. This represents the second-highest January-to-September value of crude oil production on record, trailing only 2008.

Further information on the province’s oil and gas industry is available in The Economy 2026 (see Oil and Gas section).