S&P Global Commodity Insights Raises 10-year Production Outlook for Canadian Oil Sands
CALGARY, AB, May 9, 2024 /PRNewswire/ -- S&P Global Commodity Insights has raised its 10-year oil sands production outlook for the second consecutive year. The updated forecast expects Canadian oil sands production to reach 3.8 million barrels per day (mbd) by 2030—half a million barrels per day higher than today. The new projection represents an increase of nearly 100,000 b/d (or 3%) in 2030 from the previous outlook. This also marks the first time S&P Global is making public its outlook to 2035 where initial declines in production begin to emerge.
- CALGARY, AB, May 9, 2024 /PRNewswire/ -- S&P Global Commodity Insights has raised its 10-year oil sands production outlook for the second consecutive year.
- The updated forecast expects Canadian oil sands production to reach 3.8 million barrels per day (mbd) by 2030—half a million barrels per day higher than today.
- The new forecast, produced by the S&P Global Commodity Insights Oil Sands Dialogue , attributes the increased projection to producers' ongoing focus on maximizing existing assets through investments in optimization and efficiency.
- "Oil sands production continues to grow despite concerns about the advancing federal oil gas emissions cap's potential impact on production," said Celina Hwang, Director, North American Crude Oil Markets, S&P Global Commodity Insights.