We will need all forms of energy to meet the world’s growing energy needs.
The world relies on an energy mix that includes oil, coal, natural gas, hydro, nuclear and renewables. All forms of energy production must increase to meet growing global demand. Canada is uniquely positioned to provide an abundance of safe, secure energy.
Global primary energy demand
Source: IEA 2017 World Energy Outlook, New Policies ScenarioThe International Energy Agency (IEA) forecasts that global demand for energy is expected to increase 30 per cent by 2040 as economies continue to grow and standards of living improve, particularly in emerging countries such as China and India.
The increase in global energy demand means that more of all forms of energy will be needed, including fossil fuels. Hydrocarbons are forecast to remain the world’s dominant source of energy, meeting 75 per cent of the world’s energy needs by 2040.
Canada has the third-largest oil reserves in the world. Of the 170 billion barrels of Canadian oil that can be recovered economically with today's technology, 164 billion barrels are located in the oil sands. The IEA says Canada is expected to be third in oil production growth over the forecast period, after Brazil and Iraq.
With consumption rising worldwide and conventional oil supplies declining, the need for a secure supply of oil from unconventional resources like Canada’s oil sands will continue to increase. With the majority of reserves located in the oil sands, the resource has potential to become a key global supplier. As the IEA reports, Canada has the energy the world needs – our challenge is to move it to new customers in new markets in the years ahead.
Canada is one of the few countries in the Organization for Economic Co-operation and Development (OECD) with growing oil production. Continued to be managed properly, this means more jobs and investment is anticipated for Canada.