Canada could lead the world in oil production growth in 2024

Canada's oil production is set to jump by about 10 per cent over the next year and become one of the largest sources of increased supply around the world.

"Half a million is a lot," said Kevin Birn, S&P's chief analyst for Canadian oil markets. "It's bigger than a lot of countries produce in the world." Large oilsands companies are not ramping up their spending to pump more oil out of the ground, said Birn, but rather finding ways to make their existing facilities more efficient at full capacity.

In 2024, Canada could be the largest source of growth in global crude oil production. The country's expected jump in oil output of about 500,000 bpd is higher than the 400,000 bpd projected growth in the U.S.

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