Canadian crude production flattening out on tight pipeline capacity: IEA forecast GlobeBusiness
Canadian oil production is flattening out due in part of lack of pipeline capacity, as the U.S. shale and the offshore of Brazil and Norway are set to pace global crude growth, the International Energy Agency said in a forecast Monday.
“The second wave of the U.S. shale revolution is coming,” Fatih Birol, the IEA’s executive director, said in a news release. “It will see the United States account for 70 per cent of the rise in global oil production and some 75 per cent of the expansion in [liquified natural gas] trade over the next five years. This will shake up international oil and gas trade flows, with profound implications for the geopolitics of energy.
“With Canadian oil prices under pressure and so much uncertainty regarding new takeaway capacity, companies have been reluctant to launch new projects,” the IEA said. As a result, it expects Canadian crude production to grow by just 300,000 barrels per day by 2024 - equivalent to the increase seen in 2018 alone.
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