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Canada Increase Oil Output in Second Half of 2022

OIL

Canadian oil production rose by about 168kbpd between December 2021 and December 2022 but less than targeted according to data from the Canada Energy Regulator. Canada produced 4.9mbpd of crude oil and equivalent in December.

  • Increased output was limited by capital discipline of energy companies and with the delayed start to a major oil platform off the Newfoundland coast.
  • Last March Canada’s minister of natural resources promised to increase output to help with tight global supplies. Canada was aiming to raise oil production by 200kbpd and natural gas by the equivalent of 100kbpd by the end of the year by accelerating planned projects.
  • The natural gas production data for the full year 2022 is not yet available from the regulator but increased gas output has helped reach the overall 300kbpd oil and gas target increase.
Energy BulletsCanada Bank of Canada Market NewsCommodities
Energy BulletsCanada Bank of Canada Market NewsCommodities

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