Canada Could Be The World’s Top Oil Producer in 2024

Canada’s oil production is expected to rise by 10% in the next year, making it a leading source of global supply growth. Currently producing 4.8 million barrels per day (bpd), this output is poised to reach around 5.3 million bpd by the end of 2024, marking a historic high. 

Alberta’s oilsands are anticipated to be the main driver of this growth, although expansion is foreseen across Western Canada and in offshore facilities near Newfoundland and Labrador.

The Trans Mountain pipeline’s expansion is nearing completion and will transport more oil from Alberta to the West Coast, boosting its capacity from 300,000 bpd to 890,000 bpd.

Canada oil
Credit: CBC/Kyle Bakx

Major oilsands companies are not significantly increasing their spending to extract more oil, but they are enhancing the efficiency of existing facilities to maximize capacity.

However, it’s important to note that this growth phase may be transient and could level off after 2024, with an anticipated plateau around 2025-2026.

In 2024, Canada is projected to become the largest source of global crude oil production growth, outstripping the anticipated 400,000 bpd growth in the U.S. Additionally, production increases in Guyana and Brazil could contribute an extra 400,000 bpd from Latin America next year.

Canada’s projected growth in the next two years is expected to surpass the total increase over the past five years.

The federal government is planning measures to address environmental concerns in this context.

Source: CBC News

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