Canadian oil production will grow by 28% to hit 4.9 million barrels per day (MMbbl/d) by 2030, the Canadian Association of Petroleum Producers (CAPP) said in its annual report.
The estimate is lower than CAPP's previous forecast of 5.3 MMbbl/d by 2030, and comes amid a two-year downturn in global oil prices that continue to hammer Canadian oil companies, which have slashed billions in capex.
Production from Alberta's oil sands, the world's third-largest crude reserves and No. 1 source of U.S. oil imports, will hit 3.7 MMbbl/d by 2030, the industry group said on June 23.
CAPP expects conventional oil production in Western Canada, including condensates, to fall to 1.1 MMbbl/d by 2018 from 1.3 MMbbl/d in 2015; conventional oil production including condensates is expected to remain relatively stable to 2030.
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