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- With policies to meet more stringent targets by 2030, demand will peak by 2025. Under net zero, demand peaks even earlier and will be cut by one-fifth in fewer than 10 years, and by more than 75 per cent by mid-century.
globalnews.ca/news/8271113/canada-oil-demand-forecast-iea-report/
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Mar 7, 2024 · Canadian exports of crude oil and equivalent products also reached a record high in 2023. Steadily rising since 2021, crude oil exports totalled 230.0 million cubic metres, up 3.2% from 2022. As more Canadian crude oil was exported, stocks diminished throughout 2023.
May 31, 2024 · Wood Mackenzie’s Base Case forecast from its Energy Transition Outlook 2023 report sees oil demand peaking at 108 MMbpd in 2032, falling to 90 MMbpd by 2050. S&P Global Commodity Insights predicts oil demand plateauing in 2031 around 111 MMbpd, with demand falling from 2039.
- Global Prices Drive Canadian Oil Exports
- Choosing Where to Invest
- Much More Clean Electricity
The projections come at a particularly lucrative time for the industry; the five largest companies that operate in Canada's oilsands made about $35 billion in profits in 2022. But the models should be a warning for many oil and gas companies, climate experts say, calling into question the future of fossil fuel use and production in Canada. On the o...
The report shows that "we need to be careful, especially where public money is dedicated. We need to ensure that it goes to projects that are going to be competitive in the long term," said Jan Gorski, director of the oil and gas program at the Pembina Institute, an energy think-tank. "And not every project will be competitive. Some of those projec...
The CER's scenarios show electricity use increasing to power all the electric cars, building heating systems and other clean technologies that will replace fossil fuels in the lives of Canadians. And that new electricity will come from cleaner sources — with wind energy growing nearly seven to nine times its current levels by 2050. That's not surpr...
Oct 16, 2024 · Canada will lead oil supply growth through the end of the decade, though global demand is expected to flatten by 2030, IEA says. Read more.
- Meghan Potkins
- 8 min
- Illustration of the scenarios in EF2023. Description. Description: This figure provides an overview of the three core scenarios in EF2023, including a description of the pace of global climate action and climate action in Canada.
- End-use energy use, by fuel, all scenarios. Click to enlarge. Description. Description: These three stacked area charts show end-use energy use by fuel in each scenario.
- Electricity use by sector, Global Net-zero Scenario. Click to enlarge. Description. Description: This stacked area chart shows projected electricity demand in the Global Net-zero Scenario in the residential, commercial, industrial, transportation, and hydrogen sectors.
- Change in electricity generation from 2021 to 2050, by fuel, Global Net-zero Scenario. Click to enlarge. Description. Description: This column chart shows changes in electricity generation between 2021 and 2050 in the Global Net-zero Scenario, by technology.
Although oil and gas CCUS makes up a significant portion in 2030 in both scenarios, it makes up a greater portion in the Canada Net-zero scenario in 2040 and 2050 than in the Global Net-zero scenario. This is due to greater declines in production of oil and gas in the Global Net-zero scenario.
Nov 24, 2023 · Declining demand for RPPs in western Canada reduces demand for oil at local refineries, which leaves more production available for export. In the Current Measures Scenario, supply comes close to, but does not exceed, export capacity for much of the projection period, peaking in 2035, and declining gradually thereafter.
