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Canada's oil production is at its lowest level

News Source:http://www.jinchemical.com/ ; SendDate:2020-7-21 16:04:28 

It is reported that Canada is the world's fourth largest producer of oil and other liquid fuels in 2019, but in the first half of 2020, its output is 20% lower than the average of 5.5 million barrels per day in 2019. Lower global demand for oil products in Canada, as well as in the United States, has declined due to low oil production in Canada and other oil products. Alberta, which accounts for more than 80% of Canada's crude oil production in 2019, will continue to implement production reduction measures.

Canada's oil and other liquid production in 2019 is flat with that in 2018. At the end of 2018, the price of selected crude oil in western Canada was at an all-time low. The Alberta government implemented a production reduction in early 2019 to ease the increasing crude oil inventory and the increasingly restricted export pipeline capacity. These restrictions were originally planned to be lifted by the end of 2019, but in October 2019, they were extended to the end of 2020.

The US Energy Information Agency (EIA) estimates that Canada's oil and other liquid fuel production fell by 700000 B / D from 5.6 million B / D in March 2020 to 4.9 million B / D in April. The decline was similar to the 640000 B / D decline between April and may 2016, when wildfires in Fort McMurray forced the temporary closure of some oil sands projects in Alberta.

In its short-term energy outlook (steo) in July 2020, the EIA estimates that Canadian production fell another 560000 B / D in May to 4.4 million B / D, the lowest level since mid-2016. The EIA estimates that Canadian oil production increased slightly in June due to increased demand for petroleum products from Canada and the United States.

Canada's decline in oil and other liquid fuel production in May was greater than that in some OPEC member states. Canada has also cut production by more than 10 countries that voluntarily coordinate production with OPEC. Among the non OPEC oil producers, Canada's output decline was the third, after Russia and the United States.

In July's steo report, the EIA predicted that Canadian production would remain below the 2019 average for the rest of 2020 and the first half of 2021, due to the continued impact of the decline in global oil demand. The EIA forecasts that Canada's average oil and other liquid fuel production will be 5.1 million barrels / day in 2020 and 5.5 million barrels / day in 2021.

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