June 2016 Crude Oil Forecast, Markets and Transportation
Forecasted growth in Canadian oil production shows new major oil pipelines are urgently needed to deliver safe, secure and reliable energy to domestic and world markets, the Canadian Association of Petroleum Producers announced June 23, 2016 in its 2016 Crude Oil Forecast, Markets and Transportation report.
“Canada’s energy future relies on our ability to get Canadian oil and gas to the people who need it,” said Tim McMillan, CAPP president and CEO. “Connecting Canadian supply to new and growing markets abroad, safely and competitively, is a top priority.”
- Canada’s pipeline network has capacity to move about 4 million barrels per day, which closely matched the 2015 average supply of 3.981 million barrels per day.
- More than 850,000 additional barrels per day of oil sands supply will be available by 2021.
- Between 2021 and 2030 supply from Canada’s oil sands is forecast to grow further, more than 700,000 barrels per day, requiring additional transportation infrastructure.
- This means Canada’s oil supply will soon greatly exceed its current pipeline capacity.