Oil production in Alberta remained on steady footing in the midst of the spring maintenance season.

Total oil output averaged 3.7 million barrels per day (bpd) in May, a record high for the month and up 7.4% from last year.*

On a year-to-date (YTD) basis, production has averaged 3.9 million bpd. Relative to the first five months of 2022, that represents an impressive 5.6% increase in bpd.

While supported by conventional output, higher oil sands production was responsible for the majority (88%) of the aggregate YTD gain.

The stronger output is linked to the additional pipeline capacity provided by the completion of the Trans Mountain Pipeline.

Despite concerns regarding potential labour shortages, we expect the volume of Alberta’s international oil and gas exports to rise a robust 4.8% this year and provide a strong boost to GDP.

*Crude production in Alberta varies due to seasonal factors so month-to-month comparisons are not ideal. For this reason, we examine year-over-year and year-to-date changes.

Answer to the previous trivia question: July 2 is World UFO Day. The U.S. Air Force launched an investigation into UFOs called Project Sign in 1948.

Today’s trivia question: How many hot dogs are eaten by Americans on Independence Day?