CANADA’S OIL PRODUCTION EXCEEDED FIVE MILLION BBL/D

According to the Canada Energy Regulator, Canada’s oil production in July, 2023 averaged 5,006,414 bbl/d.

The completion of the Trans Mountain expansion to Canada’s west coast will soon add a nominal 590,000 bbl/d to Canada’s oil export capacity.

Oil export pipeline capacity, lack of accessibility to diverse world-priced markets, and the inept anti-oilsands policies of the government of Justin Trudeau are limiting Canadian oil production and revenue.

At one time, the total production level of existing, under-construction, approved, in-approval, and announced Alberta oil sands projects exceeded ten million bbl/d.

That figure did not include potential production from Alberta’s massive bitumen carbonate resources, now-rapidly-climbing light oil and gas condensate liquids production from massive tight shale formations in Alberta and B.C., or oil production from the rest of Canada.

Mike Priaro

Calgary

January 20, 2024

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