Tuesday, June 10, 2014

Time to Double Down on Oil?

Guest blogger: Livia Wiley, SimSci Product Marketing Manager
The world’s second largest oil reserve is expected to double over the next 20 years, but the forecast has slowed. A new report from the Canadian Association of Petroleum Producers (CAPP) forecasts that by 2030 Canada is expected to produce 6.4 million barrels of crude oil a day; almost twice as much as it produced in 2013, but 300,000 barrels per day less than first forecasted.
Higher costs for extracting oil from Canada’s oilsands is the main source for the slowdown as affordability and project delays will likely continue. (See Total’s announcement earlier this month.) Another contributing issue is the fact that Canada currently sells its oil to the U.S. at a discount since it cannot refine the oil itself. Read more on CBC News.

Ready to double down on oil, invest in the long term, and make oodles of money? Learn how by partnering with the best in the industry. Please visit experience.simsci.com to request a product demo and/or an onsite visit.