Canadian Oil Production Reaches New Record of 4.3 Million Barrels Per Day

Canadian oil production has reached a record. From the Financial Post: "Canadian oil producers raised their output to a record 4.3 million barrels per day in February amid higher global demand, according to the International Energy Agency. Actual data from last December showed Canadian production had reached a record of 4.2 million bpd, and is now estimated to have reached 4.3 million bpd by February, thanks mostly to higher bitumen, natural gas liquids, and light conventional output, which rose by about 100,000 bpd combined, the IEA said in its March report published Friday." That's good for federal and Alberta tax revenues, but has not real effect on Ontario's (apart from maybe equalization payments). Higher prices for that oil is also good for tax revenues: "Rising production has also been backed by better prices for Canadian crude, which had been beset with market access issues for the past few years. Western Canada Select, the Canadian heavy oil benchmark, saw its discount against West Texas Intermediate fall below $20 per barrel for the first time six months in January as the U.S. leg of the Keystone XL pipeline began operations."