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