The International Energy Agency says Canada's crude output is expected to grow between now and the end of the decade, but not by as much as previously thought.
The IEA also says the price of crude is poised to recover soon but won't come close to the levels reached last summer.
In its latest report, the Paris-based organization predicts Canada's production will grow to just under five million barrels a day by 2020, about 810,000 barrels a day more than in 2014.
However, that is 430,000 barrels a day less that it previously forecast.
Globally, the IEA sees global oil capacity hitting 103.2 million barrels by the end of the decade, a 5.2-million-barrel-a-day increase.
The global figures represent growth of about 860,000 barrels a day annually, a slowdown from the 1.8-million-barrel-a-day increase in 2014.
The group says its prediction of slower growth was prompted by the steep decline in the price of crude oil.
U.S. benchmark crude oil settled at $52.86 U.S. a barrel on Monday, less than half the $107 is sold for last June.
