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IEA predicts huge boost in oil sands production

The International Energy Agency says it’ll be a bumpy road for the oil sands over the next few years.

It’s released a forecast through 2018 that says production will increase by 1.3 million barrels per day over that time.

But the growth will be limited over the next two years because there aren’t enough pipelines to move bitumen.

It says rail transport can help, but because it’s more expensive, using it might slow down new projects.

It says most of the increase will come from in situ projects, but Imperial Oil’s new Kearl mine and Suncor’s Fort Hills project are also vital parts.

May 14, 2013