Oilsands production is projected to hit a record high this year, with an anticipated 5 percent growth in northern Alberta’s production in 2025 compared to last year.
The oilsands have the potential to boost output by an additional half a million barrels per day from last year’s figures by 2030, despite global crude price uncertainties, according to the latest forecast released by S&P Global Commodity Insights.
Production is anticipated to reach 3.5 million barrels daily this year and surpass 3.9 million barrels per day within five years.
The new estimates amount to a 3 percent rise from S&P’s previous 10-year forecast for the industry and represent the fourth consecutive upward adjustment. Production is anticipated to level off later this decade, reaching approximately 3.7 million barrels per day by 2035, an increase of 100,000 barrels per day compared to S&P’s prior assessment….