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The association is forecasting that 4,905 wells will be drilled next year, which is nine more than last year, but is statistically flat over current activity levels.

The bleak outlook comes on the heels of yet another forecast for anemic growth in the Canadian oil and gas industry.

The International Energy Agency, a division of the Organisation for Economic Co-operation and Development (OECD), published its World Energy Outlook on Wednesday and predicted that Canadian oil production would grow just 0.5 per cent — or 600,000 barrels per day — over the next 20 years to six million bpd.

The IEA’s forecast is a sharp reversal from its previous forecasts, which had predicted more supply growth from Canada, the U.S. and Brazil.

U.S. oil supplies are projected to grow by 1.1 per cent, or four million bpd, to 19.8 million bpd by 2040.

The IEA outlook also forecast that global demand for oil under two different scenarios would peak around 2030, which is earlier than the organization had predicted previously.

Sometimes the IEA's oil demand figures are lower than the U.S.' or even OPEC's outlook Dinara Millington, Canadian Energy Research Institute vice-president of research

“Sometimes the IEA’s oil demand figures are lower than the U.S. (Energy Information Administration) or even OPEC’s outlook,” Dinara Millington, Canadian Energy Research Institute vice-president of research, said, noting there are a range of forecasts for oil demand over time.