Oil price slump hits Canadian oil sands production
The precipitous drop in oil prices has had a significant impact on projected oil sands production, finds Pauline McCallion
Forecasts for Canadian oil sands production between 2012 and 2017 have been lowered by 300,000 barrels per day (bpd) after a spate of future project cancellations and delays by producers, according to the Canadian Association of Petroleum Producers (CAPP).
Output is now set to reach 1.9 million bpd by 2012 and 2.8 million bpd by 2017. This is compared to a forecast made by CAPP in June that put production levels at 2.0 million bpd for 2012 and 3.1 million bpd for 2017.
The CAPP's revised outlook
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