Oil Sands Producers Eye Growth Amid Capital Discipline

Canada's oil sands producers are on track to deliver another year of record output despite continued capital discipline, according to the Canada Energy Regulator. The regulator predicts a combined growth of 245,000 barrels per day between 2025 and 2030 for oil sands and conventional oil production.

Oil sands giants have reported banner years in 2025, with production rising by nearly 4% last year to a record above 3.59 million b/d. This year's production is expected to rise even higher, with companies like Cenovus Energy and Canadian Natural Resources reporting their highest quarterly output on record.

Cenovus' oil sands production averaged over 786,000 b/d in April-June, exceeding its previous quarterly high, while Canadian Natural hit several production records across various segments. Total oil sands production in the second quarter averaged 3.25 million b/d, the highest ever for the three-month period.