Alberta’s oil sector is producing at levels never recorded before.
That’s according to a report from ATB Economic which notes industry averaged 3.53 million barrels per day between January and June.
This is nearly six per cent higher than levels recorded in the first half of 2020 and around two per cent more than 2019.
When compared to 2010, the levels reached in the first half of the year were around 86 per cent higher.
“The increased output is part of a long-term trend with oil production in Alberta,” read the report.
Since 2010, levels have increased every year accept for two – 2016 and 2020.
Last year’s production was impacted by the COVID-19 pandemic, while 2016’s was due to the Horse River wildfire.
ATB also notes the added production isn’t going directly into storage but rather across the country and across borders.
“Removals from Alberta were four per cent higher over the first half of 2021 than over the same period the year before and 1.7 per cent higher than in 2019.”
Major oil companies are also benefitting from the increase in production.
Canadian Natural Resources Limited (CNRL) posted net earnings of around $2.9 billion in the first half of the year, while Suncor has brought in around $1.7 billion in profit.
