Alberta oil sands will be world’s largest source of new crude oil by 2010: CIBC

Alberta’s oil sands will become the most important source of new oil in the world by 2010 as conventional crude dries up, CIBC World Markets says in its latest monthly report.

…He added that conventional oil production around the world apparently peaked in 2004.
Rubin found that total oil supplies around the world grew by less than one million barrels a day last year. None of that growth came from outside the OPEC sphere.

That finding was particularly surprising because oil prices have doubled in recent years, making exploration of many new areas economically feasible for the first time.

CBC