Canada’s long-term crude output will continue to grow, but at a slower pace than previously projected, reflecting a slew of project postponements due to the slump in oil prices, the country’s major energy trade group said Tuesday, The Canadian Association of Petroleum Producers expects Canadian crude output—mostly from Alberta’s oil sands—to reach 4.96 million barrels a day by 2025. That is below its previous estimate of 5.6 million barrels a day and the 6.0 million barrels a day it had forecast back in 2013. CAPP projects crude output this year will reach 3.89 million barrels a day on capital spending of 45 billion Canadian dollars ($36.3 billion). That is slightly above last year’s output of 3.74 million barrels a day on a sharp 40% drop in spending. The lower forecast is the latest sign of a global retrenchment in oil and gas investment that has hit the most […]