Canadian Oil Sands Buck Price Drop With 2026 Growth Plans

Heavy haulers at the Athabasca oil sands near Fort McMurray, Alberta, Canada. Photo by Ben Nelms /BloombergArticle content(Bloomberg) — Canadian oil sands producers lead by Cenovus Energy Inc. plan to expand production next year despite an impending supply glut that threatens to deepen the slump in crude prices. Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentAll four of Canada’s biggest oil companies including Cenovus, Canadian Natural Resources Ltd., Suncor Energy Inc. and Imperial Oil Ltd. are forecasting higher output in 2026, according to guidance midpoints. Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentArticle contentCenovus is predicting an increase of roughly 18%, largely to account for its November takeover of MEG Energy Corp. as well as expansion projects at legacy assets. Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentCanadian drillers are boosting crude production to take advantage of surplus pipeline capacity to export terminals in Canada’s Pacific Coast. Last year’s expansion of the Trans Mountain system probably won’t be completely filled to capacity until 2027, according to the pipeline operator. What’s more, Enbridge Inc. has rolled out plans to expand a pipe network that feeds oil-sands crude to US markets. Article contentAdditional Canadian barrels threaten to worsen what the International Energy Agency projects will be an unprecedented global crude surfeit. That forecast already bumped US benchmark prices down 22% this year, putting them on track for the worst annual performance since 2018. Article contentWestern Canadian crude is typically priced at a discount to West Texas Intermediate futures, which were up 1.5% to $56.08 a barrel at 11:38 a.m. in New York on Wednesday. Article contentAlthough the OPEC+ alliance tends to dominate oil-market headlines, Canada wields considerable weight in overall supply fundamentals given its status as the world’s No, 4 crude producer behind only the US, Saudi Arabia and Russia.Article content(Updates with oil price in penultimate paragraph.)Article contentTrending Is a $2.75 million portfolio enough for Halifax empty nesters to retire early?

Personal Finance Canada's population declines for the first time since the pandemic News World watches as Ottawa's bullish shift on LNG puts wind at the back of two major projects Oil & Gas Expect 'dramatically higher' oil prices in 2026, says Eric Nuttall Oil & Gas Tax loss harvesting: How to make the most of unrealized losses Investor Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. Is a $2.75 million portfolio enough for Halifax empty nesters to retire early?

Personal Finance Canada's population declines for the first time since the pandemic News World watches as Ottawa's bullish shift on LNG puts wind at the back of two major projects Oil & Gas Expect 'dramatically higher' oil prices in 2026, says Eric Nuttall Oil & Gas Tax loss harvesting: How to make the most of unrealized losses Investor