Canada Oil Seen Doubling By 2030

Canadian crude-oil production will more than double to 6.2 million barrels a day by 2030, from 3 million a day in 2011, growing faster than previously expected, according to the 2012 production forecast by the Canadian Association of Petroleum Producers.

The new forecast also predicts output from the oil-sands region in Alberta to more than triple by 2030, from 1.6 million barrels a day in 2011 to 5 million barrels a day in 2030, the energy industry trade group said.

Canada's oil-sands deposits hold the world's third largest reserves of crude oil, behind Saudi Arabia and Venezuela. Canada, meanwhile, is the largest exporter of oil into the U.S., the world's biggest oil consumer.

CAPP's latest forecast shows Canadian oil production accelerating faster than the group had forecast just a year ago.

Read Full Article from Wall Street Journal

- Posted: 2012-06-05 10:45:08

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