Canadian Oil Output to Start Sliding in 2032, Regulator Says
- Production will peak at 5.8 million barrels a day in 11 years
- Decline could undermine Canada’s hydrocarbon-dependent economy
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Canada’s oil production will rise for the next decade and then start declining as countries strive to curb greenhouse gas emissions, potentially reducing revenues from the country’s biggest export.
Output at the world’s fourth-largest oil producer will climb to 5.8 million barrels a day by 2032, from 5 million this year, and then decline to 4.8 million barrels daily in 2050, according to a report issued Thursday by the Canada Energy Regulator.