â–º Listen Live

Heavy oil will endure in Lloydminster says analyst

“Lloydminster will be in the oil business as long as there is oil in the world of some commercial use,” says Calgary-based analyst David Yager.

His comments come as the Lloydminster Heavy Oil Show opened at the Lloydminster Exhibition Tuesday night. Yager, who has been writing about the oil and gas sector for some four decades, shared comments on the history of oil discovery on both sides of the city dating back to the 1940s.

He supports his assertion of the sustainability of the industry by referring to the OPEC outlook. In its monthly report for September 2022, the Organization of the Petroleum Exporting Countries is maintaining its forecast for global oil demand at 3.1 million barrels per day (bpd) in 2022 and by 2.7 million bpd in 2023.

Yager goes further by saying that western countries under the Organization for Economic Co-operation and Development comprising some 1.3 billion people are neglecting the viewpoint of some six billion people in the rest of the world, particularly India, Africa and China.

He points out that “China is not interested in cutting carbon emissions and India has said they are not going to participate.”

“So when OPEC looks at the world outlook for oil for the next 20 to 25 years, they see a completely different situation. They see 6.6 billion people that want the good life, and they are far more concerned with surviving another day, than what the weather may or may not be in 2100. That’s all. It’s just reality.”

For Lloydminster, he says over the last 80-years, the recovery rates are still low, with estimates that some 80 per cent of the heavy oil in this region is still in the ground.

Turning to the policies affecting global energy security and Canada’s role, Yager says modern politics has become very “tribal.”

“The federal government has basically built a coalition of urban Toronto, Montreal and Vancouver; the lower mainland. So you can win an election with the people that are resource consumers, not producers. They don’t know where anything comes from. They don’t know where the oil comes from. They know where electricity comes from. They know where their food comes from.”

He concludes this is the most polarized generation in history which is being used to gain political advantage.

The Heavy Oil Show is ongoing at the Lloydminster Exhibition with some 160 exhibitors through Thursday afternoon.

Gerry Lampow
Gerry Lampow
Gerry has lived in Lloydminster since winter 2010. That detail is important as coming from the Caribbean he did not see green grass until May. Now an Alberta/Western Canada resident, you would be hard-pressed to find a stronger proponent of Lloydminster than the news guy that appreciates a healthy dose of rock music and dress code leather. His mantra is focus on one thing and do it well.
- Advertisement -

Related Articles

- Advertisement -

Latest News

Let your pictures ExploreSask in photo contest

As you point, focus and click this summer, you may consider putting your skills to the test in the ExploreSask Photo Contest which runs until Sep. 30.

SGI should remove inspection for out-of-province vehicles: Sask NDP

The bigger picture is inter-provincial trade, but if the inspection on a vehicle was removed when it changes owners across the Alberta-Saskatchewan border in Lloydminster, that would be a big help to local vehicle owners in the Border City.

Saskatchewan lowering breast cancer mammogram screening age

Women in Saskatchewan who are 45 years and over are now eligible for breast cancer mammogram screening as the province has lowered the age from 47 years.

Lloydminster RCMP seek help to find missing person

Lloydminster RCMP are asking for your help to find 45-year-old Jennifer Dillon. Jennifer was reported missing on June 28, 2025. Her family have not heard from her in the last couple months and are concerned for her well-being.

LRHG seeks board member

It's a chance to use your talent and give back to the community where housing needs are concerned as a board member-at-large with the Lloydminster Region Housing Group (LRHG).
- Advertisement -