Alberta
Oil and gas in the global economy through 2050

From the Canadian Energy Centre
The world will continue to rely on oil and gas for decades to come, according to the International Energy Agency
Recent global conflicts, which have been partly responsible for a global spike in energy prices, have cast their shadow on energy markets around the world. Added to this uncertainty is the ongoing debate among policymakers and public institutions in various jurisdictions about the role of traditional forms of energy in the global economy.
One widely quoted study influencing the debate is the International Energy Agency’s (IEA) World Energy Outlook, the most recent edition of which, World Energy Outlook 2023 (or WEO 2023), was released recently (IEA 2023).
In this CEC Fact Sheet, we examine projections for oil and natural gas production, demand, and investment drawn from the World Energy Outlook 2023 Extended Dataset, using the IEA’s modelled scenario STEPS, or the Stated Policies Scenario. The Extended Dataset provides more detailed data at the global, regional, and country level than that found in the main report.
The IEA’s World Energy Outlook and the various scenarios
Every year the IEA releases its annual energy outlook. The report looks at recent energy supply and demand, and projects the investment outlook for oil and gas over the next three decades. The World Energy Outlook makes use of a scenario approach to examine future energy trends. WEO 2023 models three scenarios: the Net Zero Emissions by 2050 Scenario (NZE), the Announced Pledges Scenario (APS), and the Stated Policies Scenario (STEPS).
STEPS appears to be the most plausible scenario because it is based on the world’s current trajectory, rather than the other scenarios set out in the WEO 2023, including the APS and the NZE. According to the IEA:
The Stated Policies Scenario is based on current policy settings and also considers the implications of industrial policies that support clean energy supply chains as well as measures related to energy and climate. (2023, p. 79; emphasis by author)
and
STEPS looks in detail at what [governments] are actually doing to reach their targets and objectives across the energy economy. Outcomes in the STEPS reflect a detailed sector-by-sector review of the policies and measures that are actually in place or that have been announced; aspirational energy or climate targets are not automatically assumed to be met. (2023, p. 92)
Key results
The key results of STEPS, drawn from the IEA’s Extended Dataset, indicate that the oil and gas industry is not going into decline over the next decade—neither worldwide generally, nor in Canada specifically. In fact, the demand for oil and gas in emerging and developing economies under STEPS will remain robust through 2050.
Oil and natural gas production projections under STEPS
World oil production is projected to increase from 94.8 million barrels per day (mb/d) in 2022 to 97.2 mb/d in 2035, before falling slightly to 94.5 mb/d in 2050 (see Figure 1).

Source: IEA (2023b)
Canadian overall crude oil production is projected to increase from 5.8 mb/d in 2022 to 6.5 mb/d in 2035, before falling to 5.6 mb/d in 2050 (see Figure 2).

Source: IEA (2023b)
Canadian oil sands production is expected to increase from 3.6 mb/d in 2022 to 3.8 mb/d in 2035, and maintain the same production level till 2050 (see Figure 3).

Source: IEA (2023b)
World natural gas production is anticipated to increase from 4,138 billion cubic metres (bcm) in 2022 to 4,173 bcm in 2050 (see Figure 4).

Source: IEA (2023b)
Canadian natural gas production is projected to decrease from 204 bcm in 2022 to 194 bcm in 2050 (see Figure 5).

Source: IEA (2023b)
Oil demand under STEPS
World demand for oil is projected to increase from 96.5 mb/d in 2022 to 97.4 mb/d by 2050 (see Tables 1A and 1B). Demand in Africa for oil is expected to increase from 4.0 mb/d in 2022 to 7.7 mb/d in 2050. Demand for oil in the Asia-Pacific is projected to increase from 32.9 mb/d in 2022 to 35.1 mb/d in 2050. Demand for oil from emerging and developing economies is anticipated to increase from 47.9 mb/d in 2022 to 59.3 mb/d in 2050.

Source: IEA (2023b)

Source: IEA (2023b)
Natural gas demand under STEPS
World demand for natural gas is expected to increase from 4,159 billion cubic metres (bcm) in 2022 to 4,179 bcm in 2050 (see Figures 6 and 7). Demand in Africa for natural gas is projected to increase from 170 bcm in 2020 to 277 bcm in 2050. Demand in the Asia-Pacific for natural gas is anticipated to increase from 900 bcm in 2020 to 1,119 bcm in 2050.

Source: IEA (2023b)

Source: IEA (2023b)
Cumulative oil and gas investment expected to be over $21 trillion
Taking into account projected global demand, between 2023 and 2050 the cumulative global oil and gas investment (upstream, midstream, and downstream) under STEPS is expected to reach nearly U.S.$21.1 trillion (in $2022). Global oil investment alone is expected to be over U.S.$13.1 trillion and natural gas investment is predicted to be over $8.0 trillion (see Figure 8).
Between 2023 and 2050, total oil and gas investment in North America (Canada, the U.S., and Mexico) is expected to be nearly U.S.$5.6 trillion, split between oil at over $3.8 trillion and gas at nearly $1.8 trillion (see Figure 8). Oil and gas investment in the Asia Pacific, over the same period, is estimated at nearly $3.3 trillion, split between oil at over $1.4 trillion and gas at over $1.9 trillion.

Source: IEA (2023b)
Conclusion
The sector-by-sector measures that governments worldwide have put in place and the specific policy initiatives that support clean energy policy, i.e., the Stated Policies Scenario (STEPS), both show oil and gas continuing to play a major role in the global economy through 2050. Key data points on production and demand drawn from the IEA’s WEO 2023 Extended Dataset confirm this trend.
Positioning Canada as a secure and reliable oil and gas supplier can and must be part of the medium- to long-term solution to meeting the oil and gas demands of the U.S., Europe, Asia and other regions as part of a concerted move supporting energy security.
The need for stable energy, which is something that oil and natural gas provide, is critical to a global economy whose population is set to grow by another 2 billion people by 2050. Along with the increasing population comes rising incomes, and with them comes a heightened demand for oil and natural gas, particularly in many emerging and developing economies in Africa, the Asia-Pacific, and Latin America, where countries are seeing urbanization and industrialization grow rapidly.
References (as of February 11, 2024)
International Energy Agency (IEA), 2023(a), World Energy Outlook 2023 <http://tinyurl.com/4nv9xyfj>; International Energy Agency (IEA), 2023(b), World Energy Outlook 2023 Extended Dataset <http://tinyurl.com/3222553b>.
Alberta
As President Trump creates new economy, Trudeau government ‘pandering’ to globalists

Jordan Peterson in a February 5, 2025 video titled ‘Canada Must Offer Alberta More Than Trump Could’
From LifeSiteNews
“Enough idiot green moralizing, enough carbon tax. Enough bloody net-zero,” he said, adding, “how about this: enough multiculturalism and destruction of the Canadian identity.”
Well-known Canadian psychologist Dr. Jordan Peterson had choice words for Canadian politicians last week, accusing them of “pandering” to elites and ruining the nation.
In the February 5 video entirely dedicated to the topic of Canadian politics, Peterson said that he is sick of “pathetic celebrity wannabe” politicians, a category in which he includes Prime Minister Justin Trudeau, who are “pandering” to the global elites at the expense of ordinary citizens.
Peterson, who is from Alberta, in particular defended his province from a continued push by the Liberal government to undermine its oil and gas industry, amidst a trade tariff dispute with the United States.
“Enough overt and covert attempts to destroy the basis of the economy of my fair and hard-working province,” said Peterson.
“Enough delaying critical infrastructure development and rejection of international trade offers for natural gas, oil, and coal. Enough treatment of the resource economy upon which Quebec in particular, so unacceptably depends as a moral pariah.”
Peterson also took issue with Trudeau’s unpopular carbon tax and the Liberal government’s ongoing promotion of DEI (diversity, equity, inclusion) ideology.
“Enough idiot green moralizing, enough carbon tax. Enough bloody net-zero,” he said, adding, “how about this: enough multiculturalism and destruction of the Canadian identity.”
In recent weeks, the Trudeau government has been embroiled in a trade dispute with U.S. President Donald Trump, the latter threatening to impose a 25 percent tariff on all Canadian goods if border security and fentanyl trafficking is not taken more seriously.
Canada was given a 30-day reprieve from the 25 percent tariffs by Trump after Trudeau promised to increase border security and crack down on fentanyl making its way south.
A similar reprieve was struck by Mexico, whose president, Claudia Sheinbaum Pardo, announced that after talking with Trump the same tariff threat will be delayed for another month.
Since taking office in 2015, the Trudeau government has continued to push a radical environmental agenda like the agendas being pushed by the World Economic Forum’s “Great Reset” and the United Nations’ “Sustainable Development Goals.”
Alberta Premier Danielle Smith has been a fierce opponent of Trudeau’s green energy agenda and an advocate for the oil and gas industry.
Canada has the third largest oil reserves in the world, with most of it being in Alberta. Unlike in other nations, Alberta’s industry is largely considered ethical.
This is not the first time Peterson has accused Trudeau and his government of working against the interests of Canada.
Last year, Peterson formally announced his departure from Canada in favor of moving to the United States, saying his birth nation has become a “totalitarian hell hole.”
Alberta
Alberta calls for tough-on-crime approach from feds

Premier Danielle Smith and Minister of Justice and Attorney General Mickey Amery are demanding Ottawa get serious about drug crimes in Canada.
Premier Smith and Minister Amery have demanded Bill C-5 be repealed in its entirety and the federal government reintroduce mandatory minimum jail sentences for Controlled Drugs and Substances Act (CDSA) offences. Alberta also calls on the federal government to rescind guidelines prepared by the Public Prosecution Service of Canada that direct federal prosecutors to divert drug cases away from the criminal justice system to pursue alternative measures and leave criminal prosecutions for only the most serious cases.
If the federal government does not immediately undertake these actions, Premier Smith and Minister Amery have asked for federal funding to enable the province to permanently take over all CDSA prosecutions.
“For years, Alberta’s government has urged the federal government to reverse their soft-on-crime policies which have allowed illegal drugs to flood our streets and for repeat offenders to prey on our most vulnerable. The federal government must act now and put an end to their insane policies. And if they refuse to, then they must allow the Province of Alberta to take over all prosecutions under the Controlled Drugs and Substances Act. Let there be no mistake, Alberta’s government will find these dangerous criminals, prosecute them and keep them in jail where they belong.”
When the federal government passed Bill C-5, they further weakened the Canadian justice system and increased potential harm for Canadians by:
- Eliminating all mandatory minimum sentences of imprisonment for CDSA offences;
- Eliminating many mandatory minimum sentences for serious weapons and substance-related offences under the Criminal Code of Canada;
- Removing limitations placed on the use of conditional sentences;
- Forcing both police and prosecutors to first consider referring people to treatment and support programs rather than charging or prosecuting drug possession offences; and
- Continuing to emphasize an approach to drug possession that fails to address the death, disorder and victimization caused by the drug-crime nexus, by focusing narrowly on diversionary measures.
Under Bill C-5, law enforcement has lost the ability to effectively deal with serious crimes, lessening meaningful and impactful enforcement and prosecution. Drug dealers often face very limited consequences, with their charges dismissed or conditional sentences imposed. This allows these criminals to continue profiting from illegal activity while preying on vulnerable populations and worsening the drug crisis in Canada.
“Alberta is deeply concerned about the federal government’s failure to address the growing drug crisis in Canada. Federal prosecution directives and Bill C-5 have significantly weakened our justice system, allowing criminals and drug dealers to exploit loopholes while putting public safety and Canadian lives at risk. We demand immediate action to reverse these disastrous policies, prioritize the safety and well-being of Canadians, and restore Canada’s reputation on an international level.”
Issues with drugs and drug-related crimes continue to worsen in Canada, with drug trafficking often linked to other serious offences such as human trafficking, gun trafficking and money laundering. These concerns have also been underscored by the Trump Administration, which has called for Canada to secure the border to illegal migrant and drug activity. Alberta responded to that request by introducing a $29-million border plan to combat drug smuggling, gun trafficking and other illegal activities. The plan includes a new Sheriffs unit, a 51-officer Interdiction Patrol Team, four K-9 patrol teams, 10 weather surveillance drones and four narcotics analyzers to test for illicit drugs.
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