CDI Corporation

Canadian oil output to grow despite market concerns

Canada has long been a major presence in the global oil market, and now occupies prime position as the world’s fifth-largest producer of crude oil. As such, the petroleum industry still plays a major role in Canadian job creation, even during periods of concern regarding the sector itself.

According to the Calgary Herald, some skepticism has arisen regarding the infrastructure aspect of Canada’s energy market. Much of this stems from several somewhat high-profile construction delays and cancellations, including those that affected the Northern Gateway and Energy East pipelines.

Nevertheless, projections for future oil production within the nation remain high, which will ultimately help facilitate the opening of jobs for Canadians. Crude output is expected to jump from 4.5 million barrels (as documented in 2016) to 6.2 million over the next few decades.

Oilsands production will increase within the same time period – by 2040 – rising to 4.4 million barrels from the 2.4 million recorded in 2016. The positive progress of the Keystone XL and Trans Mountain pipelines has partially fuelled these bountiful projections.

Overall, Canadian job growth remains favorable. Despite the 0.1 per cent uptick in the unemployment rate for October 2017, as reported by Statistics Canada, employment itself went up by 35,000 jobs.