Canadian oil sands producers, led by Cenovus Energy, are planning to expand production next year, although an impending oversupply may exacerbate the decline in crude oil prices. According to the median value of production guidelines, the four major Canadian oil companies all forecast an increase in production in 2026, with Cenovus forecasting an increase of about 18%. The expansion of Canadian crude oil production may worsen the global crude oil surplus situation predicted by the International Energy Agency. This expectation has previously caused the US benchmark oil price to drop 22% this year.

Canadian oil sands producers, led by Cenovus Energy, are planning to expand production next year, although an impending oversupply may exacerbate the decline in crude oil prices. According to the median value of production guidelines, the four major Canadian oil companies all forecast an increase in production in 2026, with Cenovus forecasting an increase of about 18%. The expansion of Canadian crude oil production may worsen the global crude oil surplus situation predicted by the International Energy Agency. This expectation has previously caused the US benchmark oil price to drop 22% this year.