Oil Sands Growth Seen Slowing or Halting After Current Work
- Environmental concerns, lack of pipes add to high costs: IEA
- Stalled growth seen following production gains through 2021
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The growth engine of Canada’s energy industry is poised to shut off next decade, according to the International Energy Agency.
Production gains from the oil sands in northern Alberta will slow dramatically or come to a halt as crude prices remain low and costs too high for one of the world’s most expensive sources of oil, the agency forecast Monday in a report on the global medium-term crude market. Environmental concerns, a lack of new oil pipelines and uncertainty about policy in Alberta are also causing companies to slow development work, the report said.