Updated June 2024
Within this section
Total Production
Total combined in situ and mined bitumen production increased by 2.8% in 2023 to 542.1 thousand cubic metres per day (103 m3/d) or 3411.1 thousand barrels per day (103 bbl/d) (see Table S3.1).
Growth in production is expected to carry over to 2024 with continued investment discipline focusing on optimizing existing assets and reducing debts. By 2033, total raw bitumen production is forecast to increase to 628.3 103 m3/d (3953.7 103 bbl/d).
Market Conditions
Several factors influenced global oil market developments in 2023: oil price fluctuations, a weak global economy with consequent negative effects on oil demand, persistent inflation, high interest rates, and OPEC+ supply cuts. Anticipating the completion of the
Trans Mountain Expansion in May 2024, oil sands production in Alberta continued to grow, supported by various producers’ operational optimization.
Emerging Trends
Oil sands producers will continue to find ways to optimize their operations. Large companies with specialized knowledge and ample access to capital can reduce costs, maximize their production capacity, and bring new projects to life with more flexibility.
Environmental, social, and governance (ESG) investment considerations will increasingly affect the availability and allocation of capital among oil sands companies. A growing number of oil sands producers have pledged to reach net-zero carbon emissions for their operations over the coming decades. This focus on the ESG aspect of projects will shift capital investment towards lower-emission projects and technology, such as carbon capture, utilization, and storage.
