No slowing down for oil production
Over the first ten months of the year, production was 36.0 million barrels (+3.3%) above 2021
By Siddhartha Bhattacharya, ATB Economics 9 December 2022 less than a minute
At 3.84 million barrels per day (bpd) in October, Alberta’s average daily oil output held mostly unchanged from the record 3.88 million bpd level in September.
While conventional (including condensates) output climbed higher to attain a new peak, oil sands production eased 1.5% in October.
Over the first ten months of the year, production was 36.0 million barrels (+3.3%) above 2021 and 62.5 million barrels (+5.9%) above the pre-pandemic 2019 level.
In terms of disposition, volumes exported to destinations outside the province continue to overshadow (on a year-to-date basis) output used within Alberta.
Looking ahead, we expect output to remain steady through the coming months before getting a significant boost toward the end of next year upon the expected completion of the TransMountain Expansion pipeline project.
Answer to the previous trivia question: The average value of annual international exports from Alberta of “antiques of an age exceeding one hundred years” since 2000 is $126,244.
Today’s trivia question: About how many barrels of oil does a rail tank car hold?