Canadian Oil Production to More Than Double by 2030

The uncertainty around new pipelines does not seem to be having any negative effect on the Canadian Association of Petroleum Producers' forecast of crude oil production.

 

In its annual forecast, the trade association said it expects crude oil output to hit 6.7 million barrels per day by 2030. That is 500,000 barrels per day more than the group forecast in 2012. Part of the bullish forecast comes from technological improvements that help squeeze more crude out of mature conventional plays in Western Canada.