Reporting on crude oil production in Alberta sounds like a broken record because it keeps breaking records.

Total production came in at 4.0 million barrels per day (bbl/d) in July making it the highest level in July ever and ninth year-over-year (y/y) increase in a row.*

On a year-to-date (YTD) basis, production has never been higher over the first seven months of the year at 3.9 million bbl/d. YTD production was 200,000 bbl/day, or 5%, higher than the previous record set last year.

Fourteen years is not a blink of an eye, but it is a relatively short time for crude oil production to double. Back in July 2010, the province was producing 2.0 million bbl/d.

The development of the oil sands is the driving factor in this historical trend.

In July 2010, conventional oil production (including condensate) was 0.5 million bbl/d compared to 0.6 million bbl/d in July 2024. Oil sands production, conversely, has increased dramatically, going from 1.6 million bbl/d in July 2010 to 3.4 million bbl/d last month.

The more recent increases can be attributed to additional transportation capacity brought by the Trans Mountain Expansion project, a supportive price environment (the Western Canadian Select benchmark averaged over US$65 per barrel in July) and strong ongoing U.S. refinery demand. Rising oil exports is a key driver of our Alberta GDP growth forecast this year.

*Because oil production is highly seasonal, it’s best to make year-over-year and year-to-date comparisons rather than changes from one month to the next.

Answer to the previous trivia question: Labour Day in Canada has its roots in an 1872 printers’ strike that took place in Toronto.

Today’s trivia question: What is the diameter of the pipe used for the Trans Mountain Expansion Project?