Oil production on the rise in February
Production is expected to increase as we get deeper into the year
By Siddhartha Bhattacharya, ATB Economics 7 April 2022 1 min read
Average daily oil production in Alberta in February came in at 3.7 million barrels—the highest February level on record. Note that total production came in slightly higher in February 2020, but only because it was a leap year and there was an extra day of output.
Oil sands production hit 3.2 million barrels per day, up 5.3% from January with increases in both upgraded and raw bitumen output. Conventional output (including condensates) also contributed to the monthly gain and rose to the highest daily level seen since March 2020.
On a year-to-date basis, Alberta produced 215 million barrels of oil over the first two months of the year. While this was roughly the same as in 2021, it was about 2.8 million barrels (-1.3%) below where output stood prior to the pandemic in 2020.
In terms of disposition, sales to destinations both within and outside the province remained elevated relative to average output during the first two months of 2021.
Production is expected to increase as we get deeper into the year in response to strong demand, but uncertainty in the global oil market and future limits on transportation capacity are offsetting factors.
Answer to the previous trivia question: The first long-distance trade routes emerged in the 3rd millennium BCE.
Today’s trivia question: How many barrels of oil can the largest oil tankers hold?