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Canadian Oil Sands Output Forecast For 2030 Raised to 3.7mbpd

OIL

The Canadian oil sands production forecast for 2030 has been raised by 140kbpd up to 3.7mbpd according to S&P Global on Thursday.

  • Record Canadian production and export levels are expected to continue although growth is forecast to slow in the mid-2020s. Output could then decline in the early 2030s due to the long flat production profile of Canadian oil sands assets.
  • Moving production to high-potential areas adjacent to existing development is the most significant contributor to output growth according to Kevin Birn. "The Canadian oil sands have entered an 'era of optimization'," he said.

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