Canadian oil sands production is expected to increase by 15% by 2030, reaching 3.8 million barrels per day (bpd), according to a report by S&P Global Commodity Insights, Reuters reports.
Over the past decade, oil sands production has risen by 1.3 million bpd, currently standing at 3.3 million bpd. S&P Global’s latest projection of reaching 3.8 million bpd by 2030 is 100,000 bpd higher than its previous forecast.
Canada ranks as the world’s fourth-largest oil producer, with the majority of its output coming from northern Alberta’s oil sands. However, production is anticipated to plateau towards the end of the decade due to various factors such as slowing optimization projects, government emissions caps, and the need for new pipeline infrastructure.
The growth rate of oil sands production will have significant implications for global oil supplies and Canada’s economy. Celina Hwang, Director of North American Crude Oil Markets at S&P Global Commodity Insights, highlighted producers’ focus on maximizing existing assets while maintaining financial stability amidst fluctuating oil prices.
