CAPP forecasts 33 per cent oil production climb by 2030 despite slowing growth
CALGARY — The Canadian Association of Petroleum Producers expects oil production to climb 33 per cent by 2030 even as pipeline constraints and competition for investment threaten to slow future growth.
The forecast calls for Canadian crude oil production to reach 5.12 million barrels per day by 2030, up from last year’s projection that output would hit 4.93 million bpd.
CAPP president Tim McMillan said Tuesday that the crude supply will grow by five per cent per year to 2020, but then slow to two per cent growth as major oilsands projects wrap up and new investments are hampered by market uncertainties.
“What we’re predicting here is lower investment numbers going forward,” McMillan said.