• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 day How Far Have We Really Gotten With Alternative Energy
  • 11 days What fool thought this was a good idea...
  • 1 day Bad news for e-cars keeps coming
  • 9 days A question...
  • 14 days Why does this keep coming up? (The Renewable Energy Land Rush Could Threaten Food Security)
  • 14 days They pay YOU to TAKE Natural Gas

Alberta Oil Production Sinks To Seven-Month Low

Crude oil production in Alberta fell to a seven-year low in June because of maintenance at oil sands projects and the exclusion of output from Suncor’s fields in the data.

The total stood at 2.71 million barrels daily in June, the Alberta Energy Regulator said, with Bloomberg noting this was a 21% decline on an annual basis and the lower production rate since June 2016.

The exclusion of Suncor’s production data was a surprise decision and no explanation for it was provided. The company is one of the biggest oil sands operators in Canada. Last month, Suncor said its average daily output for June had jumped by 34.4% from May to 293,000 barrels.

Oil sands mines production in Canada’s oil province dropped by 48% to 712,000 barrels daily in June. Overall oil sands production declined more modestly, by 25% to 2.15 million barrels daily.

Earlier this year, wildfires in Alberta curtailed oil production temporarily, shutting in more than 140,000 barrels of oil in daily production.

Despite the temporary production shut-in, the province’s oil industry appears to be doing well and Alberta could see a budget surplus of some $1.8 billion for its current fiscal year thanks to higher prices. And that was before prices started rising in July.

The budget assumes a slightly higher oil price, which could boost revenues even further as the oil industry remains essential for the province’s income, despite increasing pressure from environmental activist groups and the federal Canadian government.

In fact, the Canadian oil industry has become notorious for that pressure, although companies continue to produce oil and gas and support provincial and federal budgets. The latest blow to Canada’s oil came from the Trudeau government’s Just Transition bill that eyes, among other things, the re-employment of oil industry workers elsewhere as the country moves away from fossil fuels.


By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News