Western Canadian oil production can grow by about one million barrels per day over the next seven years, driven mainly by expansions to existing steam-driven oilsands projects, says a new report from Enverus Intelligence Research.
But it can take years to plan and build such projects, so producers have a limited ability to take advantage of the surge in global crude oil prices driven by the war in the Middle East, said the report released Tuesday.
West Texas Intermediate crude for June delivery was trading at around US$90 per barrel around midday—off from the US$114 mark it hit earlier in the conflict, but still 33 percent higher than it was before the war began in late February….