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CIBC: Conventional oil peaked in 2004 |
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Wednesday, 11 January 2006 |
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Alberta's oil sands will become the most important source of new oil in the world by 2010 as conventional crude dries up, CIBC World Markets says in its latest monthly report. Alberta will sit on one of the most valuable energy sources in the world by that time, and one of the few still open to private investment, said Jeff Rubin, chief economist at CIBC World Markets, the bank's wholesale banking arm. He added that conventional oil production around the world apparently peaked in 2004. Read more
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