As of December 2008, the Canadian Association of Petroleum Producers revised its 2008-2020 crude oil forecasts to account for project cancellations and cutbacks as a result of the price declines in the second half of 2008.
In mid December 2007, ConocoPhillips announced its intention to increase its oil sands production from to over the next 20 years, which would make it the largest private sector oil sands producer in the world.