Oil output rebounded in February
Crude production in Alberta increased on both a month-to-month and year-to-date basis
By Siddhartha Bhattacharya, ATB Economics 11 April 2023 1 min read
After declining by 1.7% in January, oil output in Alberta grew by 2.6% to an average of 3.84 million barrels per day (bpd) in February.
While being 3.0% shy of the historic peak set in November last year, production in February stood at the highest level on record for the month.
The monthly increase came entirely on the heels of higher oil sands (+3.1%) production, while conventional (including condensates) output held mostly steady.
With the jump in February, Alberta produced a total of 223.6 million barrels of oil over the first two months of 2023. This was up 4.0% from last year and 2.7% above the pre-pandemic level of 2020.
In terms of disposition, volumes exported to destinations both within and outside of the province remained robust in the month.
We expect the story to be mostly unchanged in March’s report.
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