Enbridge(ENB.US) CEO Greg Ebel said that oil demand will continue to grow over the next few decades and could be well over 100 million barrels a day by 2050, and possibly even 110 million barrels a day, which is one of the more optimistic long-term crude usage forecasts.
"You continue to see economic demand, particularly in the developing world, where people continue to say that lighter, faster, more dense, cheaper energy is better for our people," Ebel said in an interview. "That leads to more oil usage."
Enbridge's optimism is not far off from OPEC's optimistic forecast of 116 million barrels a day of oil demand by 2045, and far above the IEA's forecast of a decline in oil demand to 97 million barrels a day by 2050.
"North American oil is dependent on it, and it is dependent on itself," Ebel said. Enbridge continues to invest in its liquids pipeline business, increasing its storage and offloading capacity at its Ingleside refinery in Texas, the largest oil export terminal in the U.S., which has "month after month" of export records.
Ebel said the company could also increase the throughput capacity of its mainline crude oil pipeline system by 1 million to 1.5 million barrels a day by 2026 or 2027, which will move Canadian oil sands crude to U.S. refineries.