Canadian oil output to hit new heights within 2 years: report
Global News
The coming startup of the Trans Mountain pipeline will help boost Canadian oil production to an all-time high within the next two years, according to a new report.
The coming startup of the Trans Mountain pipeline will help boost Canadian oil production to an all-time high within the next two years, according to a new report.
The report by Deloitte Canada said the extra capacity created by the currently ongoing pipeline expansion is expected to boost Canadian production by about 375,000 barrels a day over the next two years.
That represents an eight per cent increase from the previous production high set in November 2022, and a nearly nine per cent increase from the 4.18 million barrels per day (bpd) of oil that Canada produced in June of this year — the most recent month for which statistics are available through the Canadian Centre for Energy Information.
“The increase in volume is notable: it’s greater than the total amount added to Canada’s production levels over the past five years combined,” the report said.
The Trans Mountain pipeline is Canada’s only pipeline system transporting oil from Alberta to the West Coast.
Its expansion, which is currently underway, will boost the pipeline’s capacity to 890,000 bpd from 300,000 bpd.
Much of these additional exports will go to markets outside the United States, allowing Canadian producers to reduce their dependence on U.S. refinery operations.
This, in turn, is expected to narrow the price discount Canadian bitumen producers typically receive for their product compared with higher-quality U.S. sweet crude.
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