The oil production numbers for all 12 months of 2021 are now in and Alberta had a record-breaking year.
After contracting by 5.1% in 2020, Alberta’s annual oil production surged back in 2021, growing by 8.0% and reaching a new high of 1.32 billion barrels. The previous high of 1.29 billion barrels was set in 2019.
The growth over the previous decade has been impressive, with annual oil production in 2021 84% (600 million barrels) higher than it was in 2010.
The oil sands accounted for 86% of Alberta’s production last year. Oil sands production was about 5% higher last year than its pre-pandemic level in 2019. Conventional production (including condensate), on the other hand, was about 11% lower.
Annual production should continue to rise over time, but potential growth will be kept in check by limited new transportation capacity and climate change policy.
Answer to the previous trivia question: February is called Helmikuu, or "month of the pearl,"in Finland because pearls of snow and ice often form on tree branches at this time of year. Today’s trivia question: Which jurisdiction produces more oil: Alberta or Norway?
The Future Of podcast
The latest episode features Manulife Investment Management's
Chief Economist
Frances Donald!
Hosted by Chief Economist Todd Hirsch, Season 3 of The Future Of podcast is live! Subscribe and listen on your favourite podcasting app.
This email was sent to email@atb.com. If this email was forwarded to you, subscribe here.
You are subscribed to The Owl, ATB’s daily economic commentary.
We would love to stay connected with you over email. Manage your preferences to personalize the kinds of emails you receive from us. Don’t worry, you can unsubscribe at any time.
ATB Financial, 2100-10020, 100 St NW, Edmonton, Alberta T5J 0N3, Canada
