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Keystone, Northern Gateway may alter global crude trade outlook: OPEC
Canadas two major proposed oil sands pipelines have the potential to transform the global crude trade outlook, says a report by the Organization of Petroleum Exporting Countries.And thats just the tip of the iceberg: Non-conventional supplies will quadruple over the next 25 years and the Canadian oil sands and U.S. shale oil will lead the charge, says OPEC. TransCanada Corp.s Keystone XL pipeline and Enbridge Inc.s Northern Gateway plan Screw up Keystone and guess where the energy goes. have come under fire from environmentalists, but the forecast highlights the oil sands tremendous potential, and their ability to be a game changer in the global energy mix. In both Canada and the U.S., a combination of domestic crude-oil production growth and a series of pipeline projects is leading to a situation that could have appreciable impacts on international crude oil markets and trade, says OPEC in its latest World Oil Outlook. In North America, the Canadian oil sandss led non-conventional supply will nearly quadruple to 6.6 million barrels per day by 2035, from the current 1.7 million barrels per day, OPEC estimates. Overall, North American production would rise to 16 million barrels per day by 2035 from 12 million in 2010, despite declining production from conventional oil wells. U.S. and Canadian production could account for nearly 80% of non-conventional supplies by 2035, says OPEC. Posted by: Eohippus Phater7165 2011-11-10 |
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