As reported by the Alberta Energy Regulator (AER), Alberta’s oil production was 4.18 MMb/d in October 2024 (rightmost stacked bars in chart below), 360 Mb/d higher than September and a year ago, and is the second highest oil output on record behind 4.19 MMb/d set in December 2023. The October increase was driven primarily by a resurgence of 280 Mb/d in the output of non-upgraded bitumen (green bars) after the completion of turnaround work at a number of bitumen producing sites that spanned August and September, as well as the ramping up of new producing assets such as Imperial’s Grand Rapids project. The output of non-upgraded bitumen reached a record high of 2.28 MMb/d in the month, surpassing the previous record of 2.20 MMb/d set in September 2023.
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- 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.
- Analyst Insight
Alberta Crude Oil Production Pushes to Record High in November
Alberta reached record oil output at 4.20 MMb/d in November 2024 driven by increases in synthetic crude oil and conventional light crude oil. Is another record on the way for December?
- 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.
