By Troy Gillard

PUMPING OUT PRODUCT

Alberta sees best March on record for oil production: ATB Financial

May 12, 2021 | 5:41 PM

ATB Financial says the province just saw its best March on record when it comes to oil production.

After pulling back in January and February, ATB Financial says the volume of daily oil production in Alberta increased by 1.5 per cent in March, averaging 3.62 million barrels per day.

Year-over-year production was up 1.2 per cent compared to March 2020 and by 4.4 per cent compared to March 2019.

Average daily oil production dipped as low as 2.89 million barrels in May 2020.

“Even with the pandemic still in play in Alberta and around the world, strong oil prices (WTI futures have been above $US60 per barrel since mid-April) and the economic recovery in the U.S. should continue to push up Alberta’s oil production,” ATB Financial said in a release on Wednesday.

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“With that said, future growth remains constrained by ongoing transportation challenges. The ongoing effort on the part of Governor Whitmer of Michigan to shut down Enbridge’s Line 5 pipeline is just one example.”

ATB notes once again that strong oil prices continue to be at the mercy of OPEC+ with the price environment changing for the worse if OPEC+ producers decide to use their spare capacity to flood the global oil market.

“Despite these and other challenges, things are looking up for Alberta’s oil patch as global demand bounces back from the pandemic.”

(rdnewsNOW)