Another year, another record for Alberta’s oil industry.
Oil production is on their way to reach a historical maximum this year, since production in northern Alberta will grow five percent in 2025 compared to last year.
The last forecast published Wednesday by S&P Global Commodity Insights anticipates the average annual production of 3.5 million barrels per day this year. By 2030, production could reach 3.9 million barrels per day.
The increase in the production of oil sands is not driven by any new and large project, but by smaller expansions and improvements in existing operations.
“The increase in trajectory for the growth of Canadian production of production in the midst of a period of oil price volatility reflects the continuous emphasis of producers in optimization, and the favorable economy that supports such operations,” said Kevin Birn, head of Canadian oil analysts of S&P Global Commodity Insights, in a statement.
“This large resource base provides ample space for producers to find degradation description opportunities, decrease inactivity time and increase performance,” Birn said.
Keith Stewart, a senior energy strategist from Greenpeace Canada, said that greenhouse gas emissions of Alberta oil carsas have also increased year after year.
“We cannot lose sight of the fact that greenhouse gas emissions of oil charges are also reaching record levels because the consequences surround us in forest fires of climate change, heat waves and extreme climate that are interrupting lives and the economy,” he said.
“That is why the federal government needs to implement its long -term promised limit on greenhouse gas emissions in the oil and gas sector.”
North American oil prices have been especially volatile so far this year, reaching maximums of almost $ 75 from the USA per barrel twice, while they also fell below $ 60 on several occasions. The oil markets have reacted to many geopolitical events, including tariffs and conflicts in the Middle East.
Trans Mountain expansion pipe began to operate last year, which has increased Canada’s capacity to export more oil.
The S&P forecast still expects the production of oil sands to establish later this decade.
