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S&P Global Commodity Insights now sees oilsands production reaching 3.7 million barrels of oil per day by 2030. Higher oil prices are finally lifting the outlook for Canada’s oilsands, 15 months after Russia’s invasion of Ukraine, prompting S&P Global Commodity Insights’ first upward production revision in over five years. "Last year, we wrote that heightened energy security concerns (and higher prices) hadn’t changed the outlook for Canadian oilsands. A year later, one might conclude that the response to higher prices just took longer than anticipated to have their usual effect," Calgary-based analysts Celina Hwang and Kevin Birn wrote in research published earlier this week. S&P Global Commodity Insights now sees oilsands production reaching 3.7 million barrels per day by 2030, an increase of about 140,000 barrels per day above last year’s outlook . That amounts to half a million barrels per day more than today, the research says. "Looking to the future, Canada is expected to continue to post new record production and export levels," Hwang and Birn added. They see production growth slowing in the late 2020s, before a "shallow decline" begins in the early 2030s, reflecting the long and flat production profile of typical Canadian oilsands assets. […]
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