Alberta has a lot of crude oil. Combine that with ongoing demand and enough transportation capacity, and increased production is the result.

This is the current situation and, sure enough, crude oil production in Alberta reached an all-time high in 2023.

And, at 3.81 million barrels per day (mb/d), oil output in Alberta just had its best January ever.

Production was lower than in December when it averaged 4.19 mb/d, but this is in keeping with a longstanding seasonal pattern and not an indication of reduced output in 2024.

In fact, with the Trans Mountain Expansion Project (TMX) finally calling for oil and barrels starting to move in April, the added pipeline capacity will likely help Alberta set more production records this year.

When fully operational, TMX will add 590,000 b/d of egress capacity. In addition to the production bump, TMX will help Alberta crude producers get a better price by reducing transportation bottlenecks and providing access to markets other than the U.S.

This is a good news story for the Alberta economy in 2024 and will set the bar higher for the ongoing investment needed to maintain the increased level of production over time.

Answer to the previous trivia question: On March 4, 1933, Frances Perkins became the first woman appointed to a U.S. President’s Cabinet. She served as Franklin D. Roosevelt's Secretary of Labor.

Today’s trivia question: Who was Agnes Macphail?