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2025-12-18 01:42:03
[Canadian Oil Sands Giants Expand Against the Trend, Plan to Increase Production in 2026] Despite widespread market expectations of an impending crude oil oversupply, which could further exacerbate the downward trend in crude oil prices, Canadian oil sands producers, led by Cenovus Energy, still plan to expand production capacity next year. Looking at the median production guidance released by major companies, all four of Canada's largest oil companies expect production to increase in 2026, with Cenovus Energy predicting an increase of approximately 18%. This expansion of Canadian crude oil production could exacerbate the global crude oil oversupply situation predicted by the International Energy Agency (IEA). Previously, this oversupply expectation had already led to a 22% drop in the price of US benchmark crude oil this year.
