In Canada, production will increase to 3.8 million barrels per day by 2030, 3% more than forecast.
Canada’s oil production will increase by about half a million barrels per day by 2030, more than previously forecast. Bloomberg writes about it.
It noted that production will increase to 3.8 million barrels per day, which is about 3% more than predicted last year.
Companies including a division of Imperial Oil Ltd. Exxon Mobil Corp. and Canadian Natural Resources Ltd. is expanding existing wells, taking advantage of the start of construction of new pipelines to the Pacific Coast.
A prolonged period of relatively high oil prices has strengthened producers’ balance sheets and opened the door to some more ambitious projects that rely more on existing infrastructure, analysts said.
Some projects involve increasing production by 20-50 thousand barrels per day through optimization, efficiency improvements or commercialization of small assets.
Increased oil production by non-OPEC producers has hampered the cartel’s efforts to support prices by cutting production. Washington estimates that the United States, Brazil, Guyana and Canada will lead production growth of 1.8 million barrels per day this year. Canada has the third largest oil reserves in the world.
We remind you that the International Monetary Fund expects OPEC and its partners to begin a gradual increase in oil production from July.
World oil prices continued to fall on news of rising reserves in the United States and statements from Russia about a possible increase in production by OPEC+ countries.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.