Please turn to Slide 4. Last night we announced a distribution increase of 2.1% compared to the prior quarterly rate, which equates to an annualized cash distribution of $2.17. The distribution increase is in line with our annual distribution growth target of 2% to 5%.
Although, current new distribution coverage is forecast to be short of our long-term target, we are confident that the current slate of growth projects will increase distributable cash flows, once they are placed in service. Our degree of confidence and future cash flows from these secured projects is very high. And for that reason, we feel it is appropriate to demonstrate that confidence in the long-term with an increase in our current distribution. We will touch on our secured organic growth programs in a moment.
Let's move forward to Slide 5. We believe the long-term outlook for the Partnership remain strong as the crude oil supply fundamentals from Western Canada and the Bakken formation in North Dakota, resulting in higher levels of system utilization on our liquids pipeline systems. We provided customers, analysts and investors our crude oil supply forecast for a number of years. We are bullish as ever on the potential this North American resource base.
2012 Canadian Association of Petroleum Producers supply outlook is presented on the chart on the left. Compared to the 2011 outlook, Western Canadian conventional production is higher by almost 400,000 barrels per day by year 2025 and oil sands production is higher by almost 500,000 barrels per day. Advancements in drilling technology accelerated project timeline and the addition of new projects, as propelled the supply growth outlook upward.Moving to chart on the right. Crude oil supply growth in the Bakken formation is another great story. The supply forecast top a million barrels per day by the end of the current decade. Partnership is well positioned to purse the next round of pipeline expansion to support this production growth and offer safe, secure and an economical corridor for incremental takeaway from the region. The backdrop for Enbridge's liquids market access programs are the strong crude oil supply fundamentals, rising from the unprecedented growth outlook in North American crude oil production. Read the rest of this transcript for free on seekingalpha.com
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