Alberta crude oil and condensate production for May averaged 4.31 MMb/d, down 180 Mb/d vs. April, but up 387 Mb/d year-over-year, according to data released by the Alberta Energy Regulator this week. May is typically the lowest production month for the year, due to spring turnaround season, but this spring's turnaround season (see red dots in chart below) does not appear as busy as last year's (see black line in chart below).
Year-to-date production of 4.48 MMb/d is up 151 Mb/d or 3.5% year-over-year (+112 Mb/d oil sands, +14 Mb/d conventional crude oil, +27 Mb/d condensate and pentanes plus). Reports that heavy rainfall in early June slowed down the mining trucks, while some of Cenovus's bitumen production went offline due to a power outage, likely means the recovery typically seen in June was impeded.
The month-over-month decline was primarily driven by lower in situ bitumen production (orange line in chart below).
