• 3 minutes THE GREAT OIL PRICE PREDICTION CHALLENGE OF 2018
  • 7 minutes Big Oil Costs Can't Go Much Lower
  • 12 minutes China’s Oil Futures Contract Is Beginning to Show Its Teeth
  • 6 hours China Tariff Threatens U.S. LNG Boom
  • 37 mins So oil touched $80! (WTI break $71 twice). What does the future hold?
  • 57 mins Blackouts in Australia
  • 6 hours Regime For Regime: China Says Willing To Provide Venezuela With What Help It Can
  • 12 hours Famous Musk's Tweet Puts Tesla Under Criminal Investigation
  • 40 mins Global Hunger Continues to Grow Driven By Climate Change
  • 19 hours Is your name Philip? No? Too bad!
  • 1 day The moves toward 'zero-manning' in oil & gas
  • 1 day Jan's Electric bike replaces electric cars
  • 1 day Funding Secured: Saudi Wealth Fund to Invest $1 Billion in Tesla's RIval Lucid to build its EV factory
  • 1 day Making Safe Nuclear Power from Thorium
  • 1 day Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 16 hours WTI now at $70+ headed for $50s
Oil Markets Enter “Crucial Period”

Oil Markets Enter “Crucial Period”

Oil prices are up this…

U.S. Shale Oil Production Beats Estimates Again

U.S. Shale Oil Production Beats Estimates Again

U.S. shale oil production is…

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