Canada's Oil Output to grow 28 pct by 2030

Canadian oil production will grow by 28 percent to hit 4.9 million barrels per day (bpd) by 2030, the Canadian Association of Petroleum Producers said in its annual report.

The estimate is lower than CAPP's previous forecast of 5.3 million bpd by 2030, and comes amid a two-year rout in global oil prices that continue to hammer Canadian oil companies, which have slashed billions in capital expenditures.

Production from Alberta's oil sands, the world's third-largest crude reserves and No. 1 source of U.S. oil imports, will hit 3.7 million bpd by 2030, the industry group said on Thursday.

CAPP expects conventional oil production in Western Canada, including condensates, to fall to 1.1 million bpd by 2018 from 1.3 million bpd in 2015 and is expected to remain relatively stable to 2030.

Reporting by Catherine Ngai and Arathy S Nair