indicatorThe Twenty-Four

Oil output holding near record high

Alberta produced 772 million barrels of oil over the first seven months of 2022

By Siddhartha Bhattacharya, ATB Economics 14 September 2022 less than a minute

Alberta’s oil production averaged near 3.8 million barrels per day (bpd) in July, just 1.7% shy of the historic peak set in November 2021.

As oil sands output jumped to the highest level in eight months, aggregate production stood 119 thousand bpd (+3.3%) above last July.

Alberta’s oil production over the first seven months of 2022 was over 19 million barrels (+2.5%) higher than during the same period the year before. This was mainly a result of strong year-to-date gains in raw bitumen (+1.7%) and conventional (+12.5%) output, which offset a 0.4% dip in upgraded production during the same timeframe.

In terms of disposition, exports to external destinations drove almost two-third the year-to-date increase while volumes used within the province also remained upbeat.

Answer to the previous trivia question: According to the Canadian Encyclopedia, the softwood lumber dispute first arose in 1982 with a complaint by the US lumber industry that low Canadian stumpage rates constituted an unfair advantage.

Today’s trivia question: How big was the largest car engine ever made?

Oil production in Alberta averaged 3.64 million barrels per day between January and July 2022

Oil production in Alberta averaged 3.64 million barrels per day between January and July 2022


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