Mid-term oil production outlook down by 500,000 barrels a day

Over the next 11 years, Canada’s oil industry is likely to produce 500,000 barrels a day less than was forecast a year ago, the Canadian Association of Petroleum Producers (CAPP) said Friday.

The forecast for the oilsands has dropped even further, the industry group said in an annual report on expected future production.

Even under the industry group’s “growth case,” which assumes the investment climate will get better, oilsands production is expected to reach only 2.9 million barrels a day (bbl/d) by 2020