OILSANDS HIT RECORD HIGH PRODUCTION IN NOVEMBER

Oilsands production hit a record high in November, according to the latest regulatory data, and will likely continue to rise as producers ramp up output after the end of provincial government production curtailments in Alberta. Alberta’s oilsands account for roughly two-thirds of crude output from Canada. Canadian producers endured a torrid 2020 as the COVID-19 pandemic hammered fuel demand but cautious optimism that vaccinations will defeat the virus this year is helping boost oil prices. Data showing an uptick in oilsands production coincides with a jump in global oil prices this week to an 11-month high, spurred on by a surprise supply cut from the world’s largest exporter Saudi Arabia. Data from the Alberta Energy Regulator this week shows in November oilsands production hit a record 3.16 million barrels a day.