Oil production in Alberta remains elevated
Year-to-date output was 9% higher than in 2020
By Siddhartha Bhattacharya, ATB Economics 13 January 2022 1 min read
Alberta’s oil output in November stood at 115 million barrels (3.8 million barrels per day), close to the record set the previous month.
On a year-to-date basis, output was roughly 102 million barrels (9%) higher than in 2020 and 35 million barrels (3%) higher than in 2019.
Oil sands production was responsible for nearly all of the increase with both raw (+13%) and upgraded (+7%) bitumen output up significantly from 2020 levels.
On the other hand, conventional (including condensates) output remained lacklustre despite gaining some momentum in the second half of the year. For the first eleven months of 2021, production was almost unchanged relative to the same period in 2020, but about 12% below year-to-date production in 2019.
In terms of disposition, the majority (almost 90%) of Alberta’s oil continues to be consumed internationally (mainly the US) and by other provinces. Through November 2021, year-to-date exports to all destinations outside the province were 81 million barrels (7%) higher than in the same period in 2020.
Answer to the previous trivia question: Illinois is the destination of the largest amount (by dollar value) of Alberta’s exports to the US.
Today’s trivia question: Is it true that oil and natural gas come from dinosaurs?