The article discusses the global oil demand and Canadian crude production trends. Here are some key points:
- Global Oil Demand: The International Energy Agency (IEA) expects global oil demand to cool down in the coming years, with a peak expected before the end of this decade.
- Canadian Crude Production: Despite the decline in global oil demand, Canadian crude production is expected to continue rising, reaching almost 6.2 million barrels per day by 2028.
- Reasons for Increase: The increase in Canadian production is attributed to optimization and debottlenecking of operations at oilsands projects, as well as limited new capital projects due to the scars of the pandemic and expectations of carbon tax increases.
- Job Market: The oilfield services sector is expected to see a conservative jump in employment by up to 4,000 jobs this year, with more money being spent in the Montney, Clearwater, and Duvernay plays.
- Global Investment: International investment in oil and gas exploration and production is rising, expected to increase by 11% this year to US$528 billion, its highest point since 2015.
Overall, while global oil demand is expected to cool down, Canadian crude production is likely to continue rising due to optimization efforts and limited new capital projects.