Canadian Oil Production To Double

The Financial Post is reporting (note the date -- June 26, 2013:

Canada’s oil industry continues to expand and will see production more than double over the next two decades, says a forecast released by the Canadian Association of Petroleum Producers (CAPP). 

Crude oil production in Canada is expected to increase to 6.7 million barrels per day by 2030, up from 3.2 million barrels per day in 2012, according to CAPP’s 2013 Crude Oil Forecast, Markets and Transportation report released this month. This includes oil sands production of 5.2 million barrels per day by 2030, up from 1.8 million barrels per day in 2012.

With oil sands representing the majority of Canada’s crude oil reserves, it is the primary driver of future overall growth. However, production will grow more rapidly in in situ (drilling) in the oil sands versus mining.

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