June 13, 2017 / 1:58 PM / 6 months ago

BRIEF-CAPP says overall Canadian oil production to grow to 5.1 mln b/d in 2030

June 13 (Reuters) - Canadian Association of Petroleum Producers:

* Says overall Canadian oil production to grow to 5.1 million b/d in 2030, up from 3.85 million b/d in 2016

* Sees a 53 percent increase in forecasted oil sands production of up to 3.7 million b/d in 2030 from 2.4 million b/d in 2016

* Says Canada will need more pipelines built through to 2030 to transport additional 1.3 million bpd of oil sands production to markets around the world

* Says capital spending in the Oil Sands is expected to decline for the third consecutive year to $15 billion in 2017 from $34 billion in 2014

* Says drilling by conventional crude oil producers is forecast to increase 70 percent in 2017 compared to 2016 levels

* Says drilling by conventional crude oil producers in 2017 will still be 40 percent lower than in 2014

* Says Canada’s oil industry faces challenges tempering long-term growth prospects, including uncertainty related to climate change policies in Canada

* Says Canada’s oil industry faces challenges tempering long-term growth prospects, including potential “protectionist” policies in the U.S.

* Says Canada’s oil industry faces challenges tempering long-term growth prospects, including "diverging regulatory efficiencies" between Canada, U.S Source text - (bit.ly/2rmKJQt)

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