January 11, 2006
Global markets to rely more on Canadian oil sands, report says
Toronto, Ontario – An increasingly tight oil supply will continue to force crude prices higher and make Canadian oil sands the single biggest contributor to new global supplies by the end of the decade, says a report released by CIBC World Markets.
The report notes that despite prices almost doubling over the last two years, non-OPEC production did not increase in 2005. This limited the total increase in global supply to less than a million barrels a day.