Alberta’s crude oil output in November 2024 reached a record high of 4.20 MMb/d (pink dashed rectangle in chart below), inching out ahead of the prior record holder of 4.19 MMb/d set in December 2023 (black dashed rectangle) according to data released by the Alberta Energy Regulator (AER). The November record was driven by a month-on-month gain of 0.12 MMb/d in synthetic crude oil production (red bars) and a small increase of 0.01 MMb/d in conventional light crude oil (black bars) to 0.40 MMb/d, its highest level since April 2015. In contrast, the output of non-upgraded bitumen (green bars) slipped a modest 0.08 MMb/d versus October, but is still the third highest on record at 2.17 MMb/d. With at least one major oil sands operator reporting record production for its Q4 2024 output, Alberta’s December 2024 crude oil production may well be a new record when data is released at the end of this month.
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- Analyst Insight
Alberta October Crude Oil Production Reaches Second Highest Level on Record
Alberta's oil output reached its second highest level on record in October 2024 at 4.18 MMb/d, just behind the record of 4.19 MMb/d set in December 2023.
- Analyst Insight
Alberta Sets New Crude Oil Production Record for August; Inventory Cover Hits 15-Year Low
Alberta's oil production set a new record for August. The province's days of oil inventory cover hit its lowest since at least 2010 thanks to expanded exports into the Trans Mountain pipeline.
- Analyst Insight
Alberta September Crude Oil Production Falls to Five Month Low; Inventory Cover At 15-Year Low
Alberta's oil output declined in September, pushed lower by a pullback in the production of synthetic crude oil as a result of turnaround work.. The province's inventory cover remains at a 15 year low.
