Rob Roach, ATB Economics | November 30, 2021

Alberta oil output breaks another record

Crude oil production in Alberta reached its highest level on record in October at 119 million barrels (3.84 million barrels per day).

October’s output was about 2.7% higher than the previous monthly record set in January 2021.

Production is also the highest it has ever been over the first 10 months of the year.

At 1.09 billion barrels of output from January to October, year-to-date production is 9.7% higher than over the same period in 2020 and 2.5% higher than the same 10 months in 2019.

Year-to-date oil production is sitting at 502 million barrels or 85.6% higher than over the same period in 2010.

At 85.9% of the year-to-date total, the majority of Alberta oil production comes from the oil sands.

According to the Alberta Energy Regulator, total crude oil production in Alberta is forecast to be around 4.2 million barrels per day in 2025 compared to what will likely be an average of about 3.6 million barrels per day this year—an increase of about 17%.

Answer to the previous trivia question: The Canada-US softwood lumber dispute began in 1982 with a complaint by the US lumber industry that low Canadian stumpage rates constituted an unfair trade advantage.

Today’s trivia question: Which country consumes the most oil per person?

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