From Exchange Magazine

Canada produced 19.9 million cubic metres (125.3 million barrels) of crude oil and equivalent products in August, down 1.3% compared with the same month in 2015.

Production of crude oil and equivalent products

Increase in production of non-upgraded crude bitumen

Production of crude oil and equivalent products continued to increase in August, reaching its highest level since January 2016. The gain was mainly attributable to production of non-upgraded crude bitumen, which rose 2.3% from the same month in 2015 to 7.5 million cubic metres.

The increase in non-upgraded crude bitumen production in August was partially offset by an 8.7% decline in synthetic crude production to 5.2 million cubic metres. Despite the year-over-year decline, synthetic crude oil continued to recover from the lower levels recorded from April to July.

Meanwhile, production of light and medium crude oil fell 1.2% to 3.9 million cubic metres, and that of heavy crude oil declined 7.2% to 2.0 million cubic metres.

Production of non-upgraded crude bitumen in August consisted of mined crude bitumen (6.3 million cubic metres), plus in situ crude bitumen (7.1 million cubic metres), less crude bitumen sent for further processing (5.9 million cubic metres).

In August, crude oil production (excluding equivalent products) totalled 18.6 million cubic metres. Non-conventional crude oil production, which consists of non-upgraded crude bitumen plus synthetic crude oil, reached 12.8 million cubic metres, its highest level since August 2015. Meanwhile, conventional crude oil production, which consists of light and medium crude oil, and heavy crude oil, totalled 5.8 million cubic metres.

Provincial production of crude oil and equivalent products

In August, Alberta produced 16.0 million cubic metres of crude oil and equivalent products, down 3.1% from the same month in 2015. The province accounted for 80.3% of Canada’s total production. Over the same month, Saskatchewan produced 2.2 million cubic metres, or 11.0% of the total.

Newfoundland and Labrador produced 1.2 million cubic metres, representing 5.9% of Canada’s total production of crude oil and equivalent products.

Exports and imports

Exports of crude oil and equivalent products totalled 15.6 million cubic metres in August, down 0.7% compared with the same month in 2015. Despite the year-over-year decrease, exports were at their highest level since January 2016. Meanwhile, imports to Canadian refineries increased 11.0% to 3.2 million cubic metres.

Inventories

Closing inventories of crude oil and equivalent products totalled 17.9 million cubic metres in August. Closing inventories held by pipelines and terminals were 11.1 million cubic metres, while those from fields and plants totalled 2.9 million cubic metres, and those held at refineries were 3.9 million cubic metres.

Natural gas

Canadian marketable production of natural gas totalled 13.7 billion cubic metres in August.

 


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