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Refueled

Alberta’s crude oil output rose to 3.81 million bpd in October

By Siddhartha Bhattacharya, ATB Economics 4 December 2023 1 min read

Wildfires and maintenance schedules exacted a toll in the second quarter, but production in Alberta has staged an impressive recovery since then.

After dropping to a 16-month low of 3.43 million barrels per day (bpd) in May, Alberta’s crude oil output rose to 3.81 million barrels per day (bpd) in October.* This was similar to the level seen last year around this time.

Averaging 3.75 million bpd year-to-date (YTD), production was up 0.5% from 2022 and at the highest level on record for the first ten months of the year.

While oil sands output was barely unchanged from a year ago, conventional (including condensates) production has been more resilient since August and was up about 2.4% YTD through October.

In terms of disposition, export volumes to international destinations and other provinces have risen 2.4% YTD while volumes used within Alberta have been weaker (-4.9%) over this timeframe.

Looking ahead, oil output is expected to hold at current levels in the coming months and get a more significant uplift after the completion of the Trans Mountain Pipeline Expansion pipeline project next year.

*Note that the previous Alberta Energy Regulator’s ST3 reports were missing some oil production data due to technical issues (to the tune of 135,000-321,000 bpd) which have now been included in their latest October ST3 report.

Answer to the previous trivia question: At $66.9 billion in 2022, Cenovus is Canada’s largest oil and gas company as measured by annual revenue.

Today’s trivia question: Which country produced the most crude oil last year?

Alberta’s average daily oil production over the first 10 months of 2023 reached 3.75 million barrels per day, the highest level on record

Alberta’s average daily oil production over the first 10 months of 2023 reached 3.75 million barrels per day, the highest level on record


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