CALGARY, A.B. – The Canadian Association of Petroleum Producers is projecting Canadian crude oil production will increase by 1.27 million barrels per day to 5.86 million by 2035.
The association’s latest forecast predicts total production in Western Canada will reach 5.76 million barrels per day in 2035 compared with 4.36 million in 2018.
Production in Eastern Canada is forecast to peak at 354,000 barrels per day in 2026 before falling to about 91,000 barrels per day in 2035.
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The report noted that capital spending in the oilsands this year is set to fall for a fifth consecutive year to roughly $12 billion.
Overall, capital investment across Canada’s oil and natural gas industry is forecast to fall to $37 billion in 2019.
The report said pipeline constraints, a lack of market diversity, and inefficient regulations are largely responsible for holding back the oil sector.