Alberta's oilsands could become the single biggest contributor to the world's supply within 10 years, says a report released Wednesday by CIBC World Markets.

That would mean a global shift in oil dominance from Saudi Arabia and the Middle East to Canada.

The study of 164 new oilfields and projects indicates oil markets "will become even tighter over the next three years" if global demand continues to grow at its current pace, said Jeff Rubin, Chief Economist at CIBC World Markets.

The main reason is most of the new oil coming on line this year will simply offset older oilfields being depleted in the North Sea and Kuwait.

Rubin suggested global conventional oil production peaked in 2004. New supply in 2007 is expected to grow by less than 1.5 million barrels per day and will fall to less than one million barrels per day in 2008, the report says.

"All of the net increase in oil production this year is expected to come from non-conventional sources. While deep-water oil is the primary source today, we forecast that Canadian oilsands will become the single biggest contributor to incremental global supply by 2010."

The study suggests planned capacity expansions in the Alberta oilsands over the next decade will exceed even those in Saudi Arabia.

Rubin also noted Canadian oilsands would also be one of the few remaining oil developments still open to private investment.

Oil prices are expected to average more than $70 US per barrel this year.

Source: CBS News

Propoganda...

I saw a program on it on bbc news, They say canada is still in the early stages of refining and that there is many problems :

1. They are destroying the ecological life, up until now they destroyed over 10 thousand square meter of forests to start refining and the number is growing.

2.It costs 20 times to refine an oil barrel from the ground mixed with all sort of things than to refine oil from the sea or desert.

3.40% of canada's electricity is going to this project which made electricity rise up in over 15% - 20% in cities like Toronto and Montreal which was done in only 4 years and was supposed to be done in 50 years!

4.The cost of transportation is very high and they dont want to build a train or else the cost will go even higher.

5.They don't know if the oil is actual more than what saudi arabia has, canada is only claiming that and western news agencies are supporting it in a way to lower oil prices.

6.The maintenance cost is very high and the cold seasons is a disaster because it makes everything 3 times worst.


so in the end thats all propoganda done to lower oil prices and in saudi arabia earlier this year they discoverd 4 new oil fields making the estimated oil reserves in saudi arabia last 80 more years for the whole world, then comes Iraq that has a huge unexploited fields estimated to be more than what saudi arabia has.

Among the fields they claim to exist are fake such as hiberina in eastern canada, they said there is oil there but when the US when to dig up deep inside the sea they discoverd it was too low and Canada at that time claimed it had more than what saudi arabia had in hibernia (which is now a failed project).

They are mainly doing this to lower oil prices and do what all the westerners dream of ( having oil in their lands and not the land of the arabs to stop relying on arabs.

Btw, I did a study on that ;) and I got the help of one of my friends who works in the oil fields of canada and kuwait.

I hope there is some truth to the article. I would love for oil prices to drop. I'm sick of emptying my pockets at the gas station.

Propoganda...
5.They don't know if the oil is actual more than what saudi arabia has, canada is only claiming that and western news agencies are supporting it in a way to lower oil prices.



Neither Western news agencies nor big businesses want lower oil prices.

some good points, it does cost more to refine oil found in tar sands, but those costs will come down eventually, and the world will eventually rely on the oil sands when traditional oil fields start to run dry.

Propoganda...

5.They don't know if the oil is actual more than what saudi arabia has, canada is only claiming that and western news agencies are supporting it in a way to lower oil prices.

why would the oil companies want to inflate the number of barrels? If anything, they would want to increase the cost of oil, not lower it


They are mainly doing this to lower oil prices and do what all the westerners dream of ( having oil in their lands and not the land of the arabs to stop relying on arabs.
Canada doesn't rely on the middle east for oil :weird: we produce more oil than we consume.. And the majority of America's imported oil comes from Canada.

but you are partly right, the Americans wish they wouldn't have to import any oil from you.. it's sad really, can't we all just get along? :grouphug:

why would the oil companies want to inflate the number of barrels? If anything, they would want to increase the cost of oil, not lower it

You didn't understand point #5 :D, I said That Canada still doesn't know if it even has more oil than saudi arabia but the media is saying this to lower oil prices because among the factors making the oil price high is that the middle-east isn't stable.


Canada doesn't rely on the middle east for oil :weird: we produce more oil than we consume.. And the majority of America's imported oil comes from Canada.

This is what the media says and fake statistics, the reality is that Canada has enough oil only for Canada but Canada doesn't really use it's local oil just like how the US doesn't use the oil in alaska and they are putting all the oil in the oil reserves so just in case the m-e runs out of oil they got some ;). And if it really was the majority of America's imported oil they wouldn't be interested in the middle-east in the first place! because the #1 importer of saudi,kuwaiti,iraqi(even if stolen...),Emarati,Bahraini,Egyptian and Qatari is the US and saudi arabia has the biggest oil reserves right now and also iraq has even a bigger one than saudi arabia but it is unexploited in iraq now there is a ''secret'' port in Um Qasr that the US uses to smuggle everything they can outside of iraq. If Canada really was the #1 oil importer to the US they would have never went to iraq.

but you are partly right, the Americans wish they wouldn't have to import any oil from you.. it's sad really, can't we all just get along? :grouphug:[/QUOTE]

It is the US that claims that Canada is the #1 importer to say to the Gulf states (we don't need you) but that a very obvious lie...
And Canada is selling less than 10% of it's oil because unless Canada finds a way to extract oil in a less expensive way they cannot work in exporting it because it would increase oil costs. (all of the oil is going in the Canadian oil reserve in Ontario).

'(all of the oil is going in the Canadian oil reserve in Ontario).'

So THAT'S why it costs more here? :rofl:


Now I know what it feels like to be an American, what with all that talk against your country and all. Thanks for reminding us that Western media is wrong. I'll tune into Al Jazeera from now on! :yes:

Thanks for reminding us that Western media is wrong. I'll tune into Al Jazeera from now on! :yes:

Watch anything but US Media :-) , I watched FoxNews sometime ago and they have no shame to lie all day, and the other US media are no better either,but FoxNews is the worst.

Peace

Watch anything but US Media :-) , I watched FoxNews sometime ago and they have no shame to lie all day, and the other US media are no better either,but FoxNews is the worst.

Peace

You should have listened to CNN yesterday with the rape of that poor iraqi girl, they said she is a 25 year old woman and on her passport that they released yesterday her date of birth was 1991!!! how can she be 25 if she was born in 1991?

This is how biased western media is.

Another one is about Warren the polygamist on the most wanted list that was a week ago maybe when the cnn reporter said ''Warren makes 10 million $ a month that is 24 mililon $ a year!" How can 10 million a month become 24 million in a year? If he makes 10 million a month like she said then he makes 120 million a year...

While saudi does have more conventional oil then canada does, we have far more in non conventional reserves. The oilsands do cost a lot more to produce oil, however since prices are high it is economically viable. There are a lot of problems associated with getting the crude out of the ground, but also alot of benifits.

Distrabution and transportation costs would be a lot lower since the oilsands are only at most 3000km from the US gulf coast compared at half way around the world for saudi. There are already huge pipelines in place and plans to build more, making it cheap and efficent to transport the oil.

The factor of stability also comes into play. Since the middle east is the most volitile region on earth and any upset in politics or affairs over ther has a detramental effect on oil privces. Since alberta is a stable, safe place those politics would not affect the price and supply as much, allowing for less price fluctuations.

The western media is making a big deal about this because it is a big deal. We have the potential to help supply the US and allow a more stable and closer supply for them. Its a huge deal to us in alberta because out economy depends on this.

And while alberta oild may help stabalize supply, there is very little chance that oil prices will go down beacuse of it. The media makes the oilsands out to be the solution to every problem facing US supply, when in reality (with current technology) we could not hope to extract more then 5 million barrels a day. That won't put a big dent in prices at all.

It is good to see some canadians get involved in this forum.. :)

This is what the media says and fake statistics, the reality is that Canada has enough oil only for Canada but Canada doesn't really use it's local oil just like how the US doesn't use the oil in alaska and they are putting all the oil in the oil reserves so just in case the m-e runs out of oil they got some ;).

LOL, you're saying that Canada doesn't export any oil? And this is all just a big conspiracy by the evil western media? Thats ridiculous lol, where are you getting your facts from? Baghdad Bob (http://en.wikipedia.org/wiki/Mohammed_Saeed_al-Sahaf)? lol

Canada currently doesnt have as much oil as Saudia Arabia, and no one knows if we ever will, you're right about that. But Canada does in fact produce more oil than we use, and we are in fact America's number one supplier of crude oil.

America's oil imports by country (2006)
#1 Canada 1.72 million barrels/day
#2 Mexico 1.69 million barrels/day
#3 Saudi Arabia 1.41 millions barrels/day

Canada also has 180 billion barrels of proven oil reserves, making us second to Saudi Arabia (this number takes in to account Alberta's oil sands)

It does cost more to extract oil from Tar sands in alberta (about $12/barrel, compared to $5/barrel in the middle east), but since oil is selling for $70/barrel, the oil sands are certainly profitable

these are facts, not lies put out by western media..

if you don't believe me, come to Alberta and see all the construction and work on the oil sands.. Oil companies are investing billions of dollars in Canadian oil, and they wouldn't be doing that if it was all a lie like you say it is

here's a good read up on the alberta's oil sands.

http://www.macleans.ca/topstories/business/article.jsp?content=20050613_107308_107308

plus our workers dont get kidnapped and shot in Canada .
No offence , but the middle east would have to run a distant second in the minds of investors for safety concerns alone .
How many oil workers have been kidnapped of killed in the last 5 years ?

OK, let stop "Who got more oil?" game ,
because even if SA has more oil than Canada. Canada is more developed than SA and this is more important than oil.
For example, if I'm going to complete my education outside SA :runaway: (hopefully :) ) Canada will be my destination.

Peace

plus our workers don't get kidnapped and shot in Canada .
No offence , but the middle east would have to run a distant second in the minds of investors for safety concerns alone .
How many oil workers have been kidnapped of killed in the last 5 years ?

@Rhino
the answer for your question will be ZERO and other Saudi members can confirm that.
and please do your research (from non-western sources) about Saudi Arabia (not middle east) or ask someone who has been in the country before you post any new claims you have no idea are they real or just western media propaganda.

peace.

Watch anything but US Media :-) , I watched FoxNews sometime ago and they have no shame to lie all day, and the other US media are no better either,but FoxNews is the worst.

Peace
I dont really know anything about oil...but that statement is true...i hate foxnews with a passion. They hate canada for some reason... :bash:

plus our workers dont get kidnapped and shot in Canada .
No offence , but the middle east would have to run a distant second in the minds of investors for safety concerns alone .
How many oil workers have been kidnapped of killed in the last 5 years ?

If what you say is really true the whoel world would invest in canada's oil but only the UK and US invest in canada's oil.

in Middle-East even iraq, the whole world invests, even Holland! invests in iraq!

LOL, you're saying that Canada doesn't export any oil? And this is all just a big conspiracy by the evil western media? Thats ridiculous lol, where are you getting your facts from? Baghdad Bob (http://en.wikipedia.org/wiki/Mohammed_Saeed_al-Sahaf)? lol

Canada currently doesnt have as much oil as Saudia Arabia, and no one knows if we ever will, you're right about that. But Canada does in fact produce more oil than we use, and we are in fact America's number one supplier of crude oil.

America's oil imports by country (2006)
#1 Canada 1.72 million barrels/day
#2 Mexico 1.69 million barrels/day
#3 Saudi Arabia 1.41 millions barrels/day

Canada also has 180 billion barrels of proven oil reserves, making us second to Saudi Arabia (this number takes in to account Alberta's oil sands)

It does cost more to extract oil from Tar sands in alberta (about $12/barrel, compared to $5/barrel in the middle east), but since oil is selling for $70/barrel, the oil sands are certainly profitable

these are facts, not lies put out by western media..

if you don't believe me, come to Alberta and see all the construction and work on the oil sands.. Oil companies are investing billions of dollars in Canadian oil, and they wouldn't be doing that if it was all a lie like you say it is


First of all, in all universities wikipedia is not a valid/reliable source so please don't use something that universities doesn't reckognize!


America's oil imports by country (2006)
#1 Canada 1.72 million barrels/day
#2 Mexico 1.69 million barrels/day
#3 Saudi Arabia 1.41 millions barrels/day

this is what we call bullshit, if this was true then the US would have never went to iraq, nor to kuwait and it would have left saudi arabia!

I have a friend he works for the canadian goverment and represents it in the gulf states that guy knows the hidden truth he still works in the gulf states representing the gulf states and he is not baghdad bob, He showed me evidence that 50% of CANADA's oil is from saudi arabia and how Canada doesn't really export to any country not even the us. This is what the goverment knows but to be able to lower oil prices they have to keep every now and then saying Canada has more oil but the reason of oil prices not going down is the simple fact that all investors know! canada doesn't produce anything of what those fake numbers tell.

And one reminder there is many types of oil most importantly the one used for airplanes the over 90% pure oil (without any other mineral) It is used for airplanes and Libya is the #1 main supplier of this oil then comes saudi arabia then Venezuela then iraq and thats it no other country produces this oil. There is many other types of oil like that some of them if you use it for your car it will destroy the carborator. Canada oil is among the lowest grades this is another fact about how this is exporting thing is a lie.

Btw living in Alberta doesn't mean you know everything, your telling me you live next to the oil fields or are you counting the trucks going to the US before you go to sleep? :weirdo:

^^ you're calling me a weirdo? :lol: you sound completely nuts

suuuuure, you somehow happened to make a friend in the Canadian government, who, for some reason, decided to share all of Canada's evil secret plans to lie about how much oil we have :nuts: :weirdo:

I'd like to see this "proof" of yours

first of all, I didnt get those statistics from wikipedia, they came from EIA (Energy Imformation Administration - www.eia.doe.gov), but that's just one of thousands of sources.. Go do a google search for American oil imports, all the results will back me up. I havent been able to find a single statistic backing up your claims that Canada doesn't export oil

even Aljazeera says that Canada is America's #1 supplier.. it looks like you can't use the 'western media is evil' excuse anymore
http://english.aljazeera.net/NR/exeres/2CDA8F31-A5D7-4071-B12D-1B804E1C15EE.htm

look, we all know Saudi Arabia has more oil than anywhere else, but don't go making crazy claims like 'Canada doesnt export oil' unless you have real proof, not just some fictitional Canadian MP :lol:

Propoganda...

I saw a program on it on bbc news, They say canada is still in the early stages of refining and that there is many problems :

1. They are destroying the ecological life, up until now they destroyed over 10 thousand square meter of forests to start refining and the number is growing.

After the oil is mined out of the sands, the oil companies are reclaiming those areas. Now they are raising bison on these rejuvenated lands.

2.It costs 20 times to refine an oil barrel from the ground mixed with all sort of things than to refine oil from the sea or desert.

Actually, the cost of producting a barrel of high-grade synthetic oil (as good as anything Saudi Arabia can produce) from the oil sands is a lot cheaper than producing conventional oil in S.A. after figuring in the military costs associated with this. Wars to keep the oil flowing in the Middle East have cost hundreds of billions of dollars, and it will cost hundreds of billions in the future fighting the terrorists who can be found behind every rock in Saudi Arabia.


3.40% of canada's electricity is going to this project which made electricity rise up in over 15% - 20% in cities like Toronto and Montreal which was done in only 4 years and was supposed to be done in 50 years!

More nonsense; the electrical grid in Ontario doesn't even connect with Alberta's grid and the oil sands don't use all that much electricity to start with. The oil sands are using up a lot of natural gas - most of which was "shut in" anyway (i.e. no pipeline to market).

4.The cost of transportation is very high and they dont want to build a train or else the cost will go even higher.

Building a railway to the oilsands isn't a critical issue. Pipelines are being build to the Pacific coast and to the US - no real problem.

5.They don't know if the oil is actual more than what saudi arabia has, canada is only claiming that and western news agencies are supporting it in a way to lower oil prices.

Actually, oil companies from around the world (China, India, Japan, US, Canada, France, UK, et al.) have evaluated the potential of the Alberta oil sands all on their own and have slated $100 billion US for investment there. It is S.A. who won't let others verify the size of their reverses. The world just has to trust what S.A. is telling them. In Canada, the oil companies have access to their own data.

The market determines prices, not the media you fool.


6.The maintenance cost is very high and the cold seasons is a disaster because it makes everything 3 times worst.

Albertan's are used to very cold winters and can deal with it. Maybe S.A. is too hot and sand gets in all the equipment so it doesn't work.


....so in the end thats all propoganda done to lower oil prices and in saudi arabia earlier this year they discoverd 4 new oil fields making the estimated oil reserves in saudi arabia last 80 more years for the whole world, then comes Iraq that has a huge unexploited fields estimated to be more than what saudi arabia has.

Among the fields they claim to exist are fake such as hiberina in eastern canada, they said there is oil there but when the US when to dig up deep inside the sea they discoverd it was too low and Canada at that time claimed it had more than what saudi arabia had in hibernia (which is now a failed project).

So in the end you are totally full of $hit! LOL. Hibernia is a very prolific sweet crude oilfield - one of the world's "elephants".

They are mainly doing this to lower oil prices and do what all the westerners dream of ( having oil in their lands and not the land of the arabs to stop relying on arabs.

Btw, I did a study on that ;) and I got the help of one of my friends who works in the oil fields of canada and kuwait.

Yes, westerners want to stop sending their money to terrorists.

Safqa, Canada is also one of the largest production and distribution centers for Natural Gas.

Canadian forumers are not full of CNN B.S., We have CBC which is well recognized and respected.

The Athabasca Oil sands in Alberta indeed do have as much Crude as being claimed by Reginaguy, however it is still less than what Saudi Arabia has in my opinion.

All that can change with Billions being poured into Alberta these days.

Canadian media, i.e. CBC, are definitely reliable and aren't full of propoganda like the US news networks (especially fox and other murdoch owned media outlets - washington times, ny post, etc). I don't think the Canadians are bullshitting about this...that is just not them....it would be very out of character for the canadians to manipulate their reserve figures just to try and impact world oil prices....and far-fetched too..

Yes, westerners want to stop sending their money to terrorists.

I will only reply to this because this is enough to show how racist you are :) and this is what im saying canadians like you are full of bullshit canadian propoganda and say this just to say they are better but in reality they are bullshit :) and I went to hibernia if hibernia was an ''elephant'' like you say then the UK and US would have never pulled out of this project because it was useless and there wasn't actually enough oil in the field to be even called a field.

btw *UofT* and gohorns I study chemical engineering in Sarnia and I know this field more than any of you on the forum this is all bullshit! and Canadians are known to bullshit. Nothing canadians say is reckognized by the US until the US goes and verifies itself.

Natural gas is not oil.

Tell who respects CBC other than canadians? CNN the BS one is respected even though it is biased by the whole world CBC isn't...

gohorns Canada is more of a communist country than it is a socialist country, did you ever study socialism and politics in unverisity? I study here in Canada and they teached me that Canada is a half communist half socialist country. It is the same scenario as russia, the russian TV is full of russian propoganda same thing goes to Canada.

If Canada wasn't bullshitting then China and JAPAN!<-- A CLOSE FRIEND OF CANADA would have invested in their oil fields but japanese are practical people they don't go running after fantasies.

I'm not defending saudi arabia, i'm not even saudi myself! but you don't have defend Canada gohorns and UofT because you live there.

I will only reply to this because this is enough to show how racist you are :) and this is what im saying canadians like you are full of bullshit canadian propoganda and say this just to say they are better but in reality they are bullshit :) and I went to hibernia if hibernia was an ''elephant'' like you say then the UK and US would have never pulled out of this project because it was useless and there wasn't actually enough oil in the field to be even called a field.

btw *UofT* and gohorns I study chemical engineering in Sarnia and I know this field more than any of you on the forum this is all bullshit! and Canadians are known to bullshit. Nothing canadians say is reckognized by the US until the US goes and verifies itself.

Natural gas is not oil.

Tell who respects CBC other than canadians? CNN the BS one is respected even though it is biased by the whole world CBC isn't...

gohorns Canada is more of a communist country than it is a socialist country, did you ever study socialism and politics in unverisity? I study here in Canada and they teached me that Canada is a half communist half socialist country. It is the same scenario as russia, the russian TV is full of russian propoganda same thing goes to Canada.

If Canada wasn't bullshitting then China and JAPAN!<-- A CLOSE FRIEND OF CANADA would have invested in their oil fields but japanese are practical people they don't go running after fantasies.

I'm not defending saudi arabia, i'm not even saudi myself! but you don't have defend Canada gohorns and UofT because you live there.


safqa...you're being a jackass.. I DO NOT live in canada and neither am I canadian....stop making dumbass assumptions....in fact I have never even been to canada..

and where the hell is sarnia...oh...it's some obscure town in ontario (had to look it up)...and I don't know what college you go to....but just cuz they taught you some BS in a couple of classes...doesn't mean you should take that to be the truth...people who teach the classes you mentioned often tend to have their own outlook of the environment they are in and they try to support it by bringing in outside sources that agree with their opinions. If you think Canada is the same as the former Soviet Union...then you need to get your head checked....I have enough info on Canada to know it isn't a half communist country....no matter what your teachers taught you.

plus...just cuz you study chemical engineering doesn't mean you're some know-it-all......people that give opinions on these matters are more qualified and more experienced than you. there is definitely a lot of energy related activity in alberta....and this oil sands thing is not a myth..

and your BS about how no one believes canada....listen bud....no country or company takes someone's word for it when it comes to investing hundreds of millions or billions of dollars in a project...so of course they will come and verify the prospects themselves....isn't that obvious?

The process of making this source viable is still somewhat complicated and expensive and that is why some companies may have backed off....not every company has expertise in every field you know...

anyway, I talked about CBC because I've seen and read some of the stories they published in the past and I felt they were much more truthful than the US media. If CNN is more respectable in your eyes than CBC then you should probably watch Fox news....you'll love it....

I apologize to the others in the forum for the outburst...but it pisses me off when people make stupid assumptions....especially abt me...

cheers