CALGARY - The Canadian Association of Petroleum Producers says it expects crude oil production to hit 5.12 million barrels per day by 2030, an increase of 33 per cent from current levels.
The forecast, revised upward from last year's projection that output would hit 4.93 million bpd, reflects an anticipated rise in production from both Western and Eastern Canada.
CAPP says production from the oilsands is expected to climb to 3.7 million bpd by 2030, in line with what it said last year and up from 2.4 million bpd in 2016.
Its report comes despite an ongoing decline in spending in the oilsands, which is down to $15 billion this year from $34 billion in 2014.
CAPP says the growth in oilsands production demonstrates why more pipelines are needed as capacity is already being reached.
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