Canadian Association of Petroleum Producers forecast oil sands capex would rise to C$12bn for the year
Higher capex needed for projected oil sands growth
Producers are not necessarily using their cash on oil sands output
Time will not wait for the oil sands. An end to oil sands mega-projects brought rapid production growth to an abrupt halt and now major questions hang over even the moderate growth that has been forecast for at least another decade. The lingering optimism is driven by investments to optimise past projects and continuing development of smaller scale in situ projects. However, based on recent performance, major oil sands producers will not achieve even moderate growth in the coming years unless they ramp up their capital spending budgets significantly more than the rate of inflation. Suncor’s oil sands output growth was the highest of the four major producers in 2022 Capital spending b
Also in this section
22 January 2026
As Saudi Arabia pushes mining as a new pillar of its economy, Saudi Aramco is positioning itself at the intersection of hydrocarbons, minerals and industrial policy
22 January 2026
New long-term deal is latest addition to country’s rapidly evolving supply portfolio as it eyes role as regional gas hub
21 January 2026
Petroleum Economist takes a look at the critical developments that look set to govern the course of the market for this year
20 January 2026
The ripple effects of US refiners switching to Venezuela grades will be felt from Canada to China and everywhere in between
