The 2016 Crude Oil, Markets and Transportation report forecasts oil production based on data and surveys of Canadian producers. Released in June, this annual CAPP report indicates that Canada’s crude oil production will continue to grow, though at a slower pace compared to previous reports. By 2030, supply of Western Canadian crude oil will increase by 1.55 million barrels a day (b/d) to a total of 5.5 million, driven primarily by oil sands production.
“The medium-term growth from now to 2020 is relatively unchanged compared to last year, as oil sands projects currently under construction are expected to continue to proceed as planned,” notes Beth Lau, manager of oil supply and transportation.
The report highlights the need for more pipelines as supply will soon exceed the existing capacity of Canada’s pipeline network.