Canada’s oil producers have lowered their long-term production estimates.
The Canadian Association of Petroleum Producers says it now estimates total volume of Canadian oil by 2030 will be 4.9 million barrels per day.
That’s 400,000 barrels per day below last year’s forecast for 2030, but still up 28 per cent from last year’s production of 3.8 million barrels per day.
READ MORE: Oil price crash reaches 2nd anniversary – ‘this too will pass’ says Calgary lawyer
CAPP — the oil and gas industry’s main voice — says the Alberta oilsands will drive Canada’s production growth.
But the association has lowered its 2030 oilsands volume estimate to 3.7 million barrels per day.
That’s 300,000 barrels lower than last year’s 2030 oilsands forecast but up 68 per cent from 2015’s level — more than offsetting a decline in output from conventional sources of oil in Western Canada.
READ MORE: Calgary oilpatch jobs no longer offering perks like ‘Golden Fridays’
The association repeated its support for new major oil pipelines, which have been facing opposition on a number of fronts from environmental groups, First Nations communities and landowners.
“Canada’s energy future relies on our ability to get Canadian oil and gas to the people who need it,” Tim McMillan, CAPP president and CEO, said in a statement.
“Connecting Canadian supply to new and growing markets abroad, safely and competitively, is a top priority.”
Comments