A Canadian oil and gas trade group on Monday lowered its long-term outlook for oil-sands production by 400,000 barrels a day, or 7.7%, to 4.8 million barrels a day, citing higher costs and deferment of projects. The Canadian Association of Petroleum Producers also said overall oil production in Canada will likely rise from 3.5 million barrels a day in 2013 to 6.4 million barrels daily by 2030, which is 300,000 barrels below its forecast a year ago. The lowered estimate comes amid growing concern in Canadian industry and government circles that oil-sands output may be slowed by a lack of pipeline capacity and access to global markets beyond the U.S. “We really do need to see some of these [pipeline] projects get put in place over the next few years in order to enable this growth to happen,” said Greg Stringham, vice president of oil sands and markets at […]