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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery added $2.00 to $60.14 on the New York Merc, while Brent for July added $2.19 to $64.88 (all figures in this para U.S.). Western Canadian Select traded at a discount of $7.50 to WTI ($52.64), up from a discount of $7.65. Natural gas for July added 14.1 cents to $2.84. The TSX energy index added 3.72 points to close at 214.87.

The Canadian Association of Petroleum Producers (CAPP) says the steep drop in world oil prices will take a toll on Canada's oil production growth through 2030. In its 2015 Crude Oil Forecast, Markets and Transportation report, released today, CAPP estimates that Canada's oil production, which was 3.7 million barrels a day in 2014, will rise to 5.3 million barrels a day by 2030. This is a significant decrease from the forecast in last year's report of 6.4 million barrels a day by 2030. "While the two forecasts are similar during the early years of the forecast period," says CAPP, "the slower pace of production in the latter years is the result of reduced capital spending intentions due to the sharp decline in global oil prices." In the oil sands, the primary contributor to Canada's oil production, the 2030 forecast has been lowered to four million barrels a day from 4.8 million barrels a day. This compares with 2014 production of 2.2 million barrels a day.

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