Oil keeps gushing out
Production in Alberta over the first four months of the year was 12.3 million barrels (+2.9%) higher than the same period in 2021
By Siddhartha Bhattacharya, ATB Economics 13 June 2022 1 min read
After a strong performance in the first quarter, Alberta’s oil output stood at 3.6 million barrels per day (bpd) in April. While this was slightly lower than the daily average in March, it was 327 thousand bpd (+9.9%) above April 2021.
At almost 440 million barrels, total production in the province over the first four months of the year was 12.3 million barrels (+2.9%) higher than the same period in 2021.
Conventional (including condensates) output contributed the most towards the overall increase, up by 6.8 million barrels (+11.5%) year-to-date. Meanwhile, oil sands production was up by 5.5 million barrels (+1.5%) during the same timeframe.
In terms of disposition, almost 70% of the year-to-date increase was exported out of the province. Having said that, output used domestically within Alberta was also robust, up by 10.8 million barrels (+18.5%) through April.
Answer to the previous trivia question: The OECD estimates that annual inflation in Turkey will come in around 76% in 2022.
Today’s trivia question: What percentage of Canada’s proven oil reserves are found in Alberta? the original head office building for the Bank of Canada completed?