Alberta oil production hit an all-time record in November, as oilsands companies ramped up output to prepare for the imminent completion of the Trans Mountain pipeline expansion.
The Alberta Energy Regulator says crude oil production in the province rose by 8.8 per cent in November to a new historic high of 4.2 million barrels per day.
Alberta averaged 3.8 million barrels per day of oil production in the first eleven months of 2023, up 1.6 per cent from 2022 and five per cent higher than the same period in 2021.
Eight Capital analyst Phil Skolnick noted the November production figures put Canada ahead of China’s 2022 production levels and just behind Iraq, making Canada the fourth-largest oil producer globally.
The Trans Mountain pipeline expansion, which is more than 98 per cent complete, will give Canada’s oil industry an additional 590,000 barrels per day of export capacity.
Skolnick said without the addition of the Trans Mountain project, Canadian oil production volume would likely exceed this country’s current total pipeline capacity in the second half of this year.