Canada, U.S. oil producers to break records through 2030: IEA
Written by Emily J. Thompson, Senior Investment Analyst
Source: Yahoo Finance
- IEA Oil Forecast: The International Energy Agency predicts a global surplus of crude oil by 2030, with demand peaking in 2029 and then decreasing.
- Production Trends: Non-OPEC nations, particularly the United States and Canada, are expected to drive production gains, with the U.S. forecasted to increase by 2.1 million bpd by 2030.
- Canadian Oil Industry: Canada's oil production is projected to grow by 8.7% between 2024 and 2030, with expectations of better prices for Canadian producers due to increased export capacity.
- Trans Mountain Pipeline Expansion: The recently expanded Trans Mountain pipeline is anticipated to be fully utilized by 2028, providing relief to producers and improving local differentials relative to West Texas Intermediate.
- Peak Oil Demand: Capital Economics suggests that peak global oil demand may occur around 2030, citing the lack of alternatives to oil in key sectors and resilient demand in emerging markets.
Analyst Views on ENB
Wall Street analysts forecast ENB stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for ENB is 49.75 USD with a low forecast of 44.63 USD and a high forecast of 51.83 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
11 Analyst Rating
5 Buy
6 Hold
0 Sell
Moderate Buy
Current: 47.290
Low
44.63
Averages
49.75
High
51.83
Current: 47.290
Low
44.63
Averages
49.75
High
51.83
About ENB
Enbridge Inc. is an energy transportation and distribution company. The Company's segments include Liquids Pipelines, Gas Transmission, Gas Distribution and Storage, and Renewable Power Generation. Liquids Pipelines consists of pipelines and terminals in Canada and United States that transport and export various grades of crude oil and other liquid hydrocarbons, including the Mainline System, Regional Oil Sands System, Gulf Coast and Mid-Continent, and Other. Gas Transmission consists of its investments in natural gas pipelines and gathering and processing facilities in Canada and United States, including United States Gas Transmission, Canadian Gas Transmission, United States Midstream, and Other. Gas Distribution and Storage consists of its rate-regulated natural gas utility operations in Canada and United States. Renewable Power Generation consists primarily of investments in wind and solar assets, as well as equity interests in geothermal power and power transmission assets.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
