Study Projects Major Growth for Heavy Crude Oil

Hart Energy’s Heavy Crude Oil in its Global Analysis and Outlook to 2035, reports that global production of heavy crude oil, led by new output from Canada, Venezuela and the Middle East, will grow to 12.3 million barrels per day by 2020.

The press release is quoted as saying:

Strong production increases are forecast for North America and South America, as well as Africa and China. North America has the world’s largest combined heavy oil and bitumen resources at 2.2 trillion barrels.

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