Western Canada Crude Oil Forecasts and Impacts (2015-2035)
Study Released August 27, 2015
Study No. 150
Conventional crude oil developments in Western Canada will be impacted by the low oil price over the next three years. This newly released report from the Canadian Energy Research Institute indicates that production will drop from more than 1.3 Million bbls/day in 2014 to less than 1.1 Million bbls/day by 2017. From that point, production will gradually increase and stabilize at 1.4 million bbls/day for the last half of the forecast period.
Crude oil development and production will contribute $1,308 billion in GDP over the next 20 years, and create 5,646 thousand person years of employment. The annual GDP contribution is approximately $65 billion. The number of jobs generated by this sector will rise from approximate 131,000 in 2015 to 346,000 in 2035.