June 2015 Crude Oil Forecast, Markets and Transportation
CAPP estimates production of Canadian oil will increase 43 per cent over 16 years, growing to 5.3 million barrels per day by 2030, up from 3.7 million barrels per day in 2014. Increased transportation capacity, in all forms, is therefore needed to meet growing domestic and international demand for Canadian oil.
CAPP’s June 2014 forecast estimated total oil production in 2030 at 6.4 million barrels per day. While the two forecasts are similar during the early years of the forecast period, the slower pace of production in the latter years is the result of reduced capital spending intentions due to the sharp decline in global oil prices.