• 4 minutes Projection Of Experts: Oil Prices Expected To Stay Anchored Around $65-70 Through 2023
  • 7 minutes Oil prices forecast
  • 11 minutes Algorithms Taking Over Oil Fields
  • 14 mintues NIGERIAN CRUDE OIL
  • 9 hours How Much Oil Does Aramco Have?
  • 14 hours Spy&State: Huawei Founder Says Firm Does Not Spy For China
  • 30 mins Venezuela continues to sink in misery
  • 3 hours BofA Sees Oil at $35-70
  • 34 mins How Is Greenland Dealing With Climate Change?
  • 22 mins "Peace Agreement" Russia vs Japan: Control Over Islands Not Up For Discussion
  • 15 hours Oil Slide Worries Traders. *relax* This Should Get Sorted by Year End.
  • 4 hours Socialists want to exorcise the O&G demon by 2030
  • 5 hours China Car Sales Plummet: Can Musk Unshovel His Groundbreaking?
  • 19 hours China's Exports Shrink Most In Two Years, Raising Risks To Global Economy
  • 1 day protests in Canada over pipeline
  • 22 hours Bolsonaro Wins in Brazil
  • 15 mins WSJ: Gun Ownership on Rise in Europe After Terror Attacks, Sexual Assaults
  • 51 mins Regular Gas dropped to $2.21 per gallon today
Bearish Bets On Diesel Tell A Worrying Story

Bearish Bets On Diesel Tell A Worrying Story

Negative sentiment is growing in…

There Is Still Room To Run For Oil Prices

There Is Still Room To Run For Oil Prices

Morgan Stanley claims that the…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Canada Lowers 2020 Oil Price Outlook By Double-Digits

Canada Lowers 2020 Oil Price Outlook By Double-Digits

The Canadian National Energy Board lowered its expectations for the oil price recovery on Wednesday due to the falling costs of energy production and challenging environmental regulations.

By 2020, barrel prices will rise to an inflation-adjusted $68, which is $12 less than the agency’s previous prediction. The government’s 2040 projection fell by $17 from its January figure of $90.

“A lot of it is the ability of oil production to be sustained at lower prices,” Shelley Milutinovic, chief economist of the energy board told The Star. “There’s an expectation that somewhere between 40 and 60 dollars a barrel, you can get a lot of oil production around the world.”

Renewables are slated to increase their share of the Canadian energy market to 12 percent by 2040, instead of the eight percent forecasted in the January edition of the report.

“Things are changing very, very quickly, particularly with respect to climate policy,” Milutinovic said. “It’s a very fast-moving target.”

Canadian environmentalists have been protesting the Trans Mountain oil pipeline over the past few weeks.

Originally it had been reported that up to one hundred protesters were arrested by the Royal Canadian Mounted Police (RCMP) this week for attempting to break security barricades. The police group later clarified, saying that some fifty demonstrators were briefly detained for trespassing and ticketed without arrest.

The Trans Mountain pipeline run by Kinder Morgan currently transports some 300,000 barrels per day of crude oil and refined petroleum from the oil sands in Alberta westward to British Columbia and Washington State.

According to Kinder Morgan, the proposed expansion would cost some US$6.8 billion, add around 980 kilometers of new pipeline, and allow for the additional transport of “heavier oils with capability for transporting light crude oils.” The expanded pipeline could transport 890,000 barrels per day.

Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • wayne on October 26 2016 said:
    blah blah blah. No one on this earth knows what the price will be in 2020

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News