While demand for Canadian oil remains strong, an industry group said the low price for crude oil forced it to cut its production estimates for 2030. The Canadian Association of Petroleum Producers said it estimated Canadian oil production would reach 5.3 million barrels per day by 2030, up from the 3.7 million bpd produced last year. In June, when crude oil prices were $40 more per barrel, CAPP estimated 2030 output at 6.4 million bpd. “While the two forecasts are similar during the early years of the forecast period, the slower pace of production in the latter years is the result of reduced capital spending intentions due to the sharp decline in global oil prices,” the association said. CAPP in May said it […]