Alberta’s July Oil Production Hit Record High, Marking 9th Year of Growth

Alberta’s crude oil production reached a historic high in July, marking the highest level ever recorded for the month of July and continuing a nine-year trend of annual increases, according to ATB Financial.
The province’s average oil production for the first seven months of the year stands at 3.9 million barrels per day, a 5 percent increase from the previous record set last year, according to the report.
ATB Financial attributed the increase in July’s oil production mainly to the development of oil sands, noting that conventional oil production saw relatively less growth. Oil sands production rose to 3.4 million barrels a day by July 2024, up from 1.6 million barrels a day in July 2010. In contrast, conventional oil production increased by only 0.1 million barrels a day over the same period.
The ATB report also highlights other factors contributing to Alberta’s oil production increase, including enhanced transportation capacity from the Trans Mountain Expansion Project and strong demand from the United States.