Oil Sands Hitches Cut Canada's Oil Production
Canada's oil production declined for the first time in two decades last year due to operational issues at its oil sands mines. According to a report by a federal government agency, oil production dropped by 2.4% to 2.51 million barrels per day (bpd), marking the first annual decline since 1999.
However, gas volumes in Canada increased by 1.5% to nearly 6 trillion cubic feet or 16.41 billion cubic feet per day due to higher output in Alberta. Alberta's production hit its lowest point in April at 1.53 million bpd but rebounded to a peak of 1.92 million bpd in December.
Despite the overall decrease in oil production, crude oil exports from Canada rose to a record 1.64 million bpd, surpassing the 2004 level by 20,000 bpd. In December, total Canadian production reached 2.79 million bpd, with 68% or 1.9 million bpd being exported.