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Oil, steam and natural gas pipelines run to an oilsands operation near Cold Lake, Alberta. Canadian oilsands production is expected to increase to 3.7 million barrels per day by 2030. Article content Good Morning! Article content They call it the “era of optimization.” And it’s why, for the first time in five years, Wall Street analytics firm S&P Global Commodity Insights is raising its outlook for Canada’s oilsands . Oilsands production is now expected to reach 3.7 million barrels per day by 2030, half a million bpd more than today and 140,000 more than last year’s forecast. Last year it didn’t look like either energy security fears or higher crude prices were having much effect on oilsands production, wrote Celina Hwang, director of North American crude oil markets, and Kevin Birn, Canadian oil markets chief analyst, who authored the report. “A year later, one might conclude that the response to higher prices just took longer than anticipated to have their usual effect,” they said. Article content Capital expenditures in 2022 reached their highest level since 2015 among the four largest oilsands producers and could go higher in 2023, they said. However, much of this went to keeping up with […]
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