Data from the Alberta Energy Regulator (AER) reveals that Alberta’s total oil production achieved a new record in November 2023 of 4.16 MMb/d (rightmost stacked bars in chart below), the first time that output has surpassed the 4 MMb/d threshold. The November high surpassed the previous record of 3.96 MMb/d set one year earlier (stacked bars inside black dashed rectangle). Year-to-date average production in 2023 reached 3.79 MMb/d and is on track for an annual record should similarly strong production data be reported for December when it is released in early February. Based on preliminary year-end 2023 reports from some of Alberta’s largest oil sands players, December production could surpass the November total, possibly north of 4.2 MMb/d.
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- Analyst Insight
Alberta Crude Oil Production Inches Higher to a New Record in December
Alberta set a new oil production record in December 2023, just inching ahead of the previous record set just one month earlier. Production is expected to go higher in 2024 as producers gear up for the start of the Trans Mountain Pipeline expansion.
- Analyst Insight
Alberta’s Crude Oil Production Sets New Record in July
July chalked up a new record for Alberta's crude oil production driven by record bitumen output.
- Analyst Insight
Alberta Crude Oil Production Recovers in February, But Still Below 2023 Highs
Alberta's oil output recovered in February after the downturn caused January's intense cold. Current output is still below the records seen at the end of 2023. With expansions underway, new production records should be on tap in the second half of this year.
