Canadian oil sands giant expands against the trend, plans to increase production by 2026

Despite the impending supply surplus potentially exacerbating the decline in crude oil prices, Canadian oil sands producers led by Cenovus Energy still plan to expand production next year. According to the median of production guidance, the four major Canadian oil companies all forecast an increase in output by 2026, with Cenovus predicting an increase of about 18%. The expansion of Canadian crude oil production could worsen the global crude oil surplus situation predicted by the International Energy Agency (IEA), a forecast that has previously led to a 22% drop in U.S. benchmark oil prices this year