indicatorThe Owl

Oil production took a breather in January

Oil sands output was inhibited by outages at Syncrude and CNRL upgraders

By Siddhartha Bhattacharya, ATB Economics 7 March 2023 less than a minute

Averaging at 3.57 million barrels per day (bpd) in January, Alberta’s oil output pulled back 6.3% from the previous month but was still up 0.3% relative to January 2022.

The monthly decline was entirely a result of lower oil sands (-7.8%) production linked to refinery outages.

Meanwhile, conventional output (including condensates) rebounded in January and stood just 0.4% shy of the record high reached in October 2022.

In terms of disposition, volumes exported to destinations outside of the province remained robust while output used within the province ticked down slightly.

Looking ahead, output is expected to hold steady in the coming months and get a boost toward the end of 2023 after the completion of the TransMountain Expansion pipeline project.

Answer to the previous trivia question: The current Alberta version of the National Building Code is 1,489 pages long.

Today’s trivia question: What is the current authorized storage capacity of the U.S. Strategic Petroleum Reserve?

Oil production in Alberta averaged 3.57 million barrels per day in January 2023

Oil production in Alberta averaged 3.57 million barrels per day in January 2023

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