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Alberta’s oil production down slightly in March

Alberta’s oil production down slightly in March

Posted on: 6/6/2019 | Author: ATB Financial's Economics + Research Team

​​Crude oil production (including condensate and pentanes plus) in Alberta totalled 115 million barrels in March 2019, down 0.2 per cent compared to the previous March. This stands in stark contrast to the 13 per cent rise in production that took place between March 2017 and March 2018. Production cuts imposed by the province in January explain the lower level of production.

Year-over-year production levels also fell in February, down -0.1 per cent after increasing every month since September 2016. Production was down from March 2016 to August 2016 due to wildfires in the Fort McMurray area.

Heavy crude and non-upgraded bitumen production levels were down 9 and 4.7 per cent, respectively, in March. Light/medium crude (+5.2 per cent), synthetic crude (+5.8 per cent) and condensate/pentanes plus (+2.2 per cent) were up.

Year-over-year crude oil production was up in three of the four other oil-producing provinces. Newfoundland and Labrador’s production was up by 5.3 per cent, Manitoba’s by 9.1 per cent and B.C.’s by 4.5 per cent. Saskatchewan’s production fell by 0.7 per cent.

Once the curtailment measures are lifted, we should see oil production rise in Alberta, but growth will remain constrained until transportation capacity issues are resolved.

oil-production-march-2019, graph

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