The processing facility at the Suncor oil sands operations near Fort McMurray, Alberta
Canada’s oil industry adjusts to new reality
The days of bumper output may be behind the producer, but moderate growth could persist for some time, especially if demand and oil prices stay high
Canadian oil production has slowed to a more modest pace since the second half of the last decade after more than 20 years of rapid growth (see Fig.1), and according to the IEA the rate of growth is set to decelerate even more through 2030. But there are both upside and downside risks to the agency’s medium-term outlook for Canadian crude oil and NGLs production. “A key reason for the recent slowdown was the 2014–16 oil price crash,” Kevin Birn, vice-president and chief analyst for Canadian oil markets at information provider S&P Global Commodity Insights, told Petroleum Economist. “The success of North American production—the oilsands since the beginning of this century and US tight oil
Also in this section
1 August 2025
A number of companies have filed arbitration claims against Gazprom over non-deliveries of contracted gas or other matters—and won. The next step is to collect the award; this is no easy task but it can be done thanks to an international legal framework under the New York Convention.
1 August 2025
Europe’s refining sector is desperately trying to adapt to a shifting global energy landscape and nowhere is this more apparent than in its largest economy
1 August 2025
The Middle East natural gas playbook is being rewritten. The fuel source offers the region a pathway to a cleaner, sustainable and affordable means of local power, to fasttrack economic development and as a lucrative opportunity to better monetise its energy resources.
31 July 2025
TotalEnergies is an outlier among other majors for remaining committed to low-carbon investments while continuing to replenish and expand its ample oil and gas portfolio, with an appetite for high risk/high return projects.
