Canadian energy group cuts output forecast again
Fri Jun 5, 2009 2:37pm EDT
CALGARY, Alberta (Reuters) - Canada's main energy producers group has cut its forecast for oil sands production for the third time in a year, blaming project deferrals and cancellations due to weak oil prices and tight credit markets.
The Canadian Association of Petroleum Producers said it expects oil sands production by 2015 of as much as 2.2 million barrels a day, and as little as 1.9 million if only those projects that are now in operation or under construction go ahead.
That is down from a 2007 estimate of 3 million barrels a day. Last June, CAPP cut the forecast to 2.8 million and then reduced it again in December to 2.4 million.
Oil sands production averaged 1.2 million barrels a day in 2008.
The group said it expects overall Canadian oil production of 3.3 million barrels a day by 2015 in its most optimistic case, and 3 million in its most conservative. In 2008 production averaged 2.7 million barrels a day.
(Reporting by Jeffrey Jones; editing by Peter Galloway)
http://ca.reuters.com/article/businessNews/idCATRE5545ZR20090605
