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Canada's crude oil production is forecast to peak at 5.8 mb/d in 2032

In a report titled "Canada's Energy Future 2021: Energy Supply and Demand Projections to 2050 (EF2021)", the Canada Energy Regulator (CER) sees Canadians reducing their overall energy consumption by 21% over the next 30 years. Specifically, the projection sees unabated fossil fuel use (fossil fuel combustion without carbon capture and sequestration) decline by 19% by 2030, 45% by 2040 and 62% by 2050. Indeed, the country is expected to use less gasoline and diesel, resulting in a 43% decline in the use of refined petroleum products by 2050. However, the electricity demand use could rise by up to 45% as the country transitions to electric vehicles and ramps up hydrogen production. Wind and solar power will be used to meet the rise in electricity consumption. Finally, Canada's crude oil production should peak at 5.8 mb/d in 2032, and then fall progressively to reach 4.8 mb/d in 2050, while gas production would remain relatively stable, with nearly 40% of Canadian gas production liquefied and exported by 2050.