New modelling from the Canada Energy Regulator suggests Canadian oil production will plummet by 2050 in a net\u002Dzero world. Read on.
“In a net-zero world, not only for Canada but for the rest of the planet, the supply and demand dynamic that we see today will be very different in the future,” Canada Energy Regulator chief economist Jean-Denis Charlebois told reporters on June 20.“Because there will be less demand for hydrocarbons, producers of hydrocarbons will need to be increasingly efficient at managing their costs in order to remain competitive.
In that scenario, the CER said global oil prices will likely remain above US$60 per barrel all the way to 2050, with Canadian oil production declining by just 22 per cent.Article content In that scenario, Canadian oil production would actually rise to reach 6.1 million barrels per day by 2050 — 20 per cent higher than in 2022.
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