United States and Canadian crude oil production will grow 3.1 million bbls per day or 36 per cent over the next five years, according to Colorado-based consultancy BENTEK Energy LLC, with much of Canada's growth coming from the oilsands.
BENTEK expects the U.S. to increase oil production 2.2 million bbls per day during this time, most of which will be light or intermediate crudes. In addition, crude oil imports from Canada to the U.S. are expected to rise 900,000 bbls per day.
"In Canada, we'll see [growth] coming out of the oilsands," Jack Weixel, director of client services with BENTEK, told a CI Energy Group shale gas and oil symposium on Tuesday. "There's just a boatload of oil coming down the pipe.
"Canadian oil production will hit four million bbls a day in 2016. That's a 31 per cent increase over 2011."
A lot of the growth will come from the oilsands, and the fact that oil prices will support that growth. As a result, U.S. imports of Canadian oil will increase, he noted.
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