Bitumen production from the oil sands hits a record high in March

Bitumen production from the oil sands hits a record high in March

According to Statistics Canada, bitumen production in the month of March hit a new record high of 1.808 million bbl/day, bringing total Canadian production to 4.2 million bbl/day, narrowly beating out the highs of last December.

 

Cdn crude production by type (million bbl/day). Data from Statistics Canada.
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Crude oil barrels exported to the US also hit a new record high of 3.63 million bbl/day in March. Imports have been slowly trending lower in recent years, now about 525,000 bbl/day. Feed to Canadian refineries has held relatively steady at 1.7 million bbl/day.

 

Cdn crude trade balance (million bbl/day). Data from Statistics Canada.
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According to the Canadian Association of Petroleum Producers (CAPP), output from the oil sands is expected to top 4 million bbl/day in 15 years, bringing total Canadian production to 5.5 million bbl/day by 2035.

 

GRAPHIC COURTESY THE CDN ASSOCIATION OF PETROLEUM PRODUCERS (CAPP 2018 CRUDE OIL FORECAST)

 

Canadian crude oil production data is released monthly by Statistics Canada, two months in arrears.

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Higher oil prices power Canadian petroleum trade to a 2-year high

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