Energy industry group sees slower pace of oil output amid price plunge
Calgary: The low price of crude today is expected to put a damper on Canada’s oil output 15 years from now, according to a new forecast by the Canadian Association of Petroleum Producers. The CAPP predicts the country’s total daily oil production will hit 5.3 million barrels by 2030, a 43 per cent increase over 2014 levels. But that’s 17 per cent less than what the association predicted a year ago when crude was above US$105 a barrel. Right now, it’s around US$60 a barrel. The 2014 and 2015 forecasts follow a similar trajectory for most of the forecast period, but diverge in later years. No big change is expected in oilsands projects that are up and running or under construction, but some longerterm projects have been shelved due to the price uncertainty. Oilsands production alone is expected to hit four million barrels a day by 2030, nearly doubling from 2014 levels. But a year ago, CAPP was predicting oilsands output of 4.8 million barrels a day by 2030.