Oil production in Alberta has reached a record level and surpassed four million barrels a day for the first time as producers get ready for an expansion of the Trans Mountain pipeline.
Total production of crude oil in Alberta reached 4.16 million barrels a day in November 2023, the highest level on record, according to the Alberta Energy Regulator.
Production in the western Canadian province is surging as companies prepare for the Trans Mountain pipeline that runs from Alberta to the Pacific Coast to begin operations in 2024.
The Trans Mountain pipeline is expected to increase Canada’s oil exports by 590,000 barrels.
Alberta’s oil-sands deposits represent the world’s third-largest crude reserves, and the latest production numbers put Canada ahead of China in terms of crude oil output.
Canada is now the world’s fourth-largest producer of crude oil.
The increased production from Canada may weigh on global oil markets, which are already slumping due to high inventory levels.
Crude oil production in the neighboring U.S. is expected to rise 2% to 13.2 million barrels a day this year, according to industry data
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