Trans Mountain races to the finish line as two other pipeline projects near completion
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“We’re confident those barrels will move once we come into service. It will depend somewhat on the status of other pipes and when they come into market,” he said.
This week, the International Energy Agency and British oil major BP Plc released bearish oil market outlooks. After posting its worst-ever quarterly results this summer, BP released an energy outlook Monday that, in the most bullish scenario, predicts oil demand peaking by 2030 at just over 100 million bpd — similar to where it was earlier this year before the pandemic crushed demand.
In a scenario where governments pursue net zero emissions policies, BP expects oil demand could plunge as low as 30 million bpd by 2050.
Similarly, in a report released Tuesday, the IEA expects oil demand to decline from 101 million bpd last year to an average of 91.7 million bpd over the course of 2020 as the coronavirus pandemic forced lockdowns in major economies this spring and continues to threaten to derail the recovery with a second wave.
“The economic slowdown will take months to reverse completely while certain sectors such as aviation are unlikely to return to their pre-pandemic levels of consumption even next year,” the report noted, adding that global oil demand next is projected to reach 97.1 million bpd.
Alberta Premier Jason Kenney said Tuesday there are projections of an oil price recovery in 2022 and, “there will be a huge demand for oil and gas well into the future.” As a result, there is a continued need for new pipelines exiting Alberta.