BUSINESS

CAPP Slashes Long-Term Growth Forecast For Canadian Oil

06/09/2015 12:14 EDT | Updated 06/09/2016 05:59 EDT
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CALGARY - Canada's biggest energy industry group is predicting a slower pace of growth in Canada's oil sector because of the steep drop in oil prices.

The Canadian Association of Petroleum Producers has reduced its oil production forecast for 2030 by about 1.1 million barrels a day compared to last year's outlook.

But output is still expected to grow to 5.3 million barrels a day by the end of the forecast — 43 per cent higher than 2014 production.

CAPP vice president Greg Stringham says all proposed pipelines to the East, West and U.S. Gulf Coasts are needed, despite the slower growth.

The group surveyed its members in March and April of this year about their investment plans.

U.S. benchmark crude oil prices are at close to US$60 a barrel, versus above US$105 a barrel at this time last year.

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