Oil output surged higher in August
The monthly increase was supported by both conventional and oil sands production
By Siddhartha Bhattacharya, ATB Economics 11 October 2022 less than a minute
From a daily average of 3.78 million barrels per day (bpd) in July, Alberta’s total oil production ascended 1.0% to 3.82 million bpd in August.
Despite posting consecutive gains since June, output remained 0.6% below the historic peak set in November of last year.
The monthly increase was supported by both conventional (including condensates) and oil sands production, with the former reaching the highest level seen since prior to the pandemic in February 2020.
Year-to-date production remained the highest on record at 25.7 million barrels (+3.0%) above 2021 and 39.6 million barrels (+4.7%) above 2019 levels.
In terms of disposition, oil output used within Alberta grew 1.7% in August while exports to destinations outside the province took a step back.
Answer to the previous trivia question: Canada exported US$74 billion worth of crude oil in 2021 (the third highest amount of any crude oil exporting country).
Today’s trivia question: How much turkey was consumed in Canada in 2021 on a per capita basis?