Canada Oil Output Poised to Fall for First Time in 7 Years
- Production to drop 0.7% in 2016, industry group CAPP forecasts
- Expected decline marks first slide since 2009, data show
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Canadian oil output is forecast to decline this year for the first time since 2009 after a wildfire in northern Alberta curtailed more than one million barrels a day for a month and low commodity prices hit producers.
Total Canadian oil output will drop to 3.82 million barrels a day in 2016, less than the 3.85 million barrels a day produced last year, the Canadian Association of Petroleum Producers said in its annual released Thursday. In 2017, production will rise to more than 4 million barrels a day, the country’s industry lobby group said.