Canadian oilsands buck price decline with plans for 2026 growth
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Cenovus is predicting an increase of roughly 18%Author of the article:You can save this article by registering for free here. Or sign-in if you have an account.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.Subscribe now to read the latest news in your city and across Canada.Subscribe now to read the latest news in your city and across Canada.Create an account or sign in to continue with your reading experience.Create an account or sign in to continue with your reading experience.All 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.Cenovus is predicting an increase of roughly 18 per cent, largely to account for its November takeover of MEG Energy Corp. as well as expansion projects at legacy assets.Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Canadian 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 U.S. markets.Additional Canadian barrels threaten to worsen what the International Energy Agency projects will be an unprecedented global crude surfeit. That forecast already bumped U.S. benchmark prices down 22 per cent this year, putting them on track for the worst annual performance since 2018.Although 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 U.S., Saudi Arabia and Russia.Bloomberg.comPostmedia 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.365 Bloor Street East, Toronto, Ontario, M4W 3L4© 2025 Financial Post, a division of Postmedia Network Inc. All rights reserved. Unauthorized distribution, transmission or republication strictly prohibited.This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.You can manage saved articles in your account.and save up to 100 articles!You can manage your saved articles in your account and clicking the X located at the bottom right of the article.