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The Canada Energy Regulator has issued a grim outlook that the country’s oil production will plunge 76% by 2050 thanks to the world moving to the clean energy transition, marking the first time the regulator has provided a long-term forecast for Canada’s crude output. The energy regulator has also predicted that global fossil fuel usage will decline by 65% between now and 2050. The short-term investment outlook for Canada’s Oil Patch is just as bearish, with analysts predicting that earnings for the industry will decline 19% in 2023, in large part due to falling gas prices. A week ago, the Paris-based International Energy Agency (IEA) predicted that global oil demand will peak before the end of the current decade as the transition to renewable energy gathers momentum. According to the IEA, global oil demand will rise by another 6% from 2022-28 to hit 105.7 million barrels per day. The agency expects demand growth for oil to slump to just 400,000 barrels per day in 2028, way below growth of 2.4 million barrels per day forecast for 2023. The energy agency has also predicted that global demand for oil used in transportation will start declining in 2026, thanks in large […]
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