Canadian oil producers plan to hike output next year despite the challenging political context, within which they have to operate, as demand abroad remains strong. Reuters cited updates from Cenovus, Imperial Oil, and Suncor that show all three expect to boost production next year. For Cenovus, the growth target is about 4.4% to between 805,000 bpd and 845,000 bpd. For Imperial Oil, the output growth target is 3.1%. For Suncor, the 2025 production increase target is the same as Cenovus’, at 4.
However, the federal government is pressuring the industry with emission disclosure requirements, too, which could have had a deterrent effect on growth plans on another industry facing less resilient demand. This is not the case with Canadian oil and gas, it seems, so production growth plans are in progress.
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