En­ergy in­dus­try group sees slower pace of oil out­put amid price plunge

Asian Journal - - Nation - By Lau­ren Krugel, The Canadian Press

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.

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