Feb 7, 2023
Alberta hits record oil production
Demand picture for oil looks sour: Founder of Commodity Context
Alberta set an annual record for oil production last year with an output of approximately 3.73 million barrels a day in crude oil, findings from ATB Financial showed.
The province officially beat its previous oil production record set in 2021, and nearly doubled the amount of oil it produced in 2010, the data released on Tuesday revealed.
On a yearly basis, conventional oil production rose by 12 per cent while oil sands production rose two per cent compared to the year prior. For the month of December, oil output for the region rose 4.4 per cent higher compared to the same time last year.
Alberta is also expected to ship out more than an additional 500,000 barrels per day once the Trans Mountain Pipeline Expansion Project is completed by the end of 2023, the note said.