WATCH ABOVE: Fort McKay First Nation and Suncor Energy have partnered on a prospective oilsands lease development on the northeast corner of reserve lands. Morgan Black explains. – Mar 7, 2024It predicts production of raw bitumen — the thick, sticky oil found in Alberta’s oilsands region — will grow to four million barrels per day in 2033, up from the 3.4 million barrels per day that was produced last year.
Most of the growth is expected to come not from oilsands mines, but from in situ operations, which use steam to loosen up the oil deep below the surface of the earth.The AER also predicts global oil prices will continue to rise, from a projected average of US$76 per barrel for U.S. benchmark West Texas Intermediate for the current year to US$83.63 by 2033.
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