Suncor Resists Accelerating Oil Output Amid Government Reforms

Suncor Energy's CEO Rich Kruger said the company is not yet willing to accelerate its plans for production increases, despite recent policy reforms from the Canadian and Alberta governments aimed at boosting growth in Canada's oil industry.

The comments come after a memorandum of understanding was signed between the oil sands industry and governments in July, which outlined conditions for a carbon capture and storage project known as Pathways. The project aims to reduce greenhouse gas emissions from the oil sands.

Canadian Prime Minister Mark Carney has endorsed Alberta's vision of a new one-million barrel per day export pipeline to the Pacific coast, but said his support is contingent on the Pathways project going ahead.