Oil production gains expected from Canada

June 6, 2013 at 6:40 AM
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CALGARY, Alberta, June 6 (UPI) -- Overall gains in Canadian oil production are helping North America move further away from foreign markets, the Canadian Association of Petroleum Producers said.

CAPP said it expected crude oil production in Canada to increase from the 3.2 million barrels of oil per day produced last year to 6.7 million bpd by 2030.

CAPP Vice President Greg Stringham said overall gains in oil production mean North American markets are more independent.

"Stronger performance for conventional tight oil in Canada and the United States, coupled with oil sands growth from Canada, enables greater North American energy security," he said in a statement Wednesday. "It creates further opportunities to replace foreign crude oil imports in both Canada and the United States, and to increase exports to new markets beyond North America."

The United States is the primary destination for Canadian crude oil exports. The U.S. Interior Department reports oil imports are down in general to 40-year lows.

Canadian Prime Minister Stephen Harper said he wants to diversify the oil sector by tapping into the Asian economy. Stringham said diversity translated to benefits for the Canadian economy.

"We want to be the preferred supplier to a diversity of markets -- the most reliable, open, transparent, responsible oil producer in the world," he said.

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