CALGARY—The International Energy Agency is warning that Canadian oil production could slow down, if not come to a “complete standstill,” once projects that are now under construction are completed.
The Paris-based organization released a report today examining oil production forecasts for a number of countries up to 2021.
The agency says heightened environmental concerns, a lack of pipeline access to new markets and the unknown impact of the NDP’s electoral victory in Alberta last year are causing energy companies to slow development.
It says the oilsands are expected to add nearly 800,000 barrels a day of production in five years despite high investment and operating costs.
The agency’s report says by 2021, Canadian oil output is forecast to average 5.2 million barrels a day, of which bitumen output from Alberta will account for nearly 3.4 million barrels a day.