Canadian Oil Sands Production Expected to Grow for 25th Straight Year, Reaching New Record

Kevin Birn, Chief Canadian Oil Markets Analyst, S&P Global Energy

“The Canadian oil sands has proven to be a resilient source of supply despite periods of low oil prices, regional price volatility and uncertainty over future Canadian energy and climate policy.”

Kevin Birn, Chief Canadian Oil Markets Analyst, S&P Global Energy

“The question today is not whether the oil sands will continue to grow, but rather how much additional growth could come should new projects once again come forward.”

Kevin Birn, Chief Canadian Oil Markets Analyst, S&P Global Energy

“The degree of alignment to drive upstream growth between the Canadian Federal and Provincial governments has not been seen in more than a decade.”

Kevin Birn, Chief Canadian Oil Markets Analyst, S&P Global Energy

“The fresh focus on eliminating uncertainties to accelerate investment could set the stage for a return to new construction and greater growth.”

Celina Hwang, Director, Canadian Crude Oil Markets, S&P Global Energy

“Looking at past proposed projects that did not advance, and how they have likely evolved, S&P Global Energy estimates that there is nearly half a million barrels per day of incremental production capacity that could come forward beyond what is currently in the outlook.”

Celina Hwang, Director, Canadian Crude Oil Markets, S&P Global Energy

“This estimate is what we expect would be the most attractive and expedient projects. Given the right conditions and time, the potential could be greater.”