Forecast: Crude Oil and Condensate Production in Canada

Canada's crude oil and condensate production stood at 4.99 million barrels per day in 2023. Reviewing data from 2013 to 2023 shows a consistent growth trend, with some variability in year-on-year percentages. Notably, the period from 2017 to 2019 experienced a substantial increase, while 2020 saw a decline due to global economic slowdown. The last two years observed a rebound in production with a modest annual growth rate of around 2.53% up to 2023. The projected five-year CAGR suggests an annual growth rate of 1.8%, reaching 5.59 million barrels per day by 2028. This indicates a stable, yet slower, upward trend for the future.

Future trends to watch for:

- Potential impact of geopolitical shifts on oil demand and supply.

- Technological advancements in oil extraction and processing.

- Regulatory changes and implications of climate policies in Canada and globally.

- Market response to evolving global energy transition towards renewable sources.