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CALGARY – After the year-long shock of the oil price collapse, the Canadian Association of Petroleum Producers has cut its forecast for oil production growth in Canada.

In its annual crude oil forecast released Tuesday, the industry umbrella group trimmed its growth expectations for Canadian oil production by 1.1 million barrels per day. It now expects Canadian production will rise from today’s 3.7 million bpd per day to 5.3 million bpd in 2030, down from its prior-year estimate of 6.4 million bpd.

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Many companies are expecting to expand their oilsands production, although those plans are under review.

“In light of current low oil prices, oil producers in Canada continue to evaluate growth plans,” CAPP said. “This market uncertainty is reflected most in the oilsands growth range offered in this year’s forecast, indicating that future projects are under review.”

CAPP vice president Greg Stringham says all proposed pipelines to the East, West and U.S. Gulf Coasts are needed, despite the slower growth.

The group surveyed its members in March and April of this year about their investment plans.

U.S. benchmark crude oil prices are at close to US$60 a barrel, versus above US$105 a barrel at this time last year.

With files from The Canadian Press