The Canadian Association of Petroleum Producers cut its 2030 oil production forecast by 17 percent as capital expenditures slipped after crude prices tumbled. The world’s third-biggest holder of crude reserves will produce 5.3 million barrels a day, down from 6.4 million forecast a year ago, CAPP said. The organization cut its forecast after oil dropped to $42 a barrel this year from near $108 in June as the Organization of Petroleum Exporting Countries maintained quotas amid a surge of U.S. shale oil. The drop has curtailed capital expenditure by oil and gas producers to C$45 billion ($36.5 billion) in 2015 from C$73 billion last year, CAPP said. Expenditure in the oil sands fell to C$23 billion this year from C$33 billion. “Companies are reverting to expansion of existing projects,” said Greg Stringham, a vice president at the Canadian Association of Petroleum Producers. “As far as new projects, those are […]