Alberta oil manufacturing hit an all-time document in November, as oilsands firms ramped up output to organize for the upcoming completion of the Trans Mountain pipeline enlargement.
The Alberta Vitality Regulator says crude oil manufacturing within the province rose by 8.8 per cent in November to a brand new historic excessive of 4.2 million barrels per day.
Alberta averaged 3.8 million barrels per day of oil manufacturing within the first eleven months of 2023, up 1.6 per cent from 2022 and 5 per cent greater than the identical interval in 2021.
Eight Capital analyst Phil Skolnick famous the November manufacturing figures put Canada forward of China’s 2022 manufacturing ranges and simply behind Iraq, making Canada the fourth-largest oil producer globally.
The Trans Mountain pipeline enlargement, which is greater than 98 per cent full, will give Canada’s oil business a further 590,000 barrels per day of export capability.
Skolnick mentioned that with out the addition of the Trans Mountain undertaking, Canadian oil manufacturing quantity would seemingly exceed this nation’s present complete pipeline capability within the second half of this yr.
