S&P Global Forecasts 3.7 Million Barrels per Day by 2030

According to S&P Global, Canadian oil sands production is projected to produce 3.7 million barrels per day by 2030.

S&P Global has increased its estimate for 2030 output by 140,000 barrels per day compared to last year’s forecast.

Kevin Birn from S&P Global Commodity Insights stated that “the Canadian oil sands have entered an ‘era of optimization'”, with the biggest contributor to output growth being the shift of production to high-potential areas near existing development.

S&P Global expects Canada to maintain record levels of production and exports in the future. However, growth is anticipated to slow in the mid-2020s and decline in the early 2030s due to the long, stable production profile of Canadian oil sands assets.

According to the Canadian government, major producers of crude from the oil sands include Imperial Oil Ltd (IMO.TO), Cenovus Energy Inc (CVE.TO), Canadian Natural Resources Ltd (CNQ.TO), ConocoPhillips (COP.N), and Suncor Energy Inc (SU.TO). The oil sands are known to have the world’s third-largest proven oil reserves.