According to a recent 10-year production forecast by business information provider IHS Markit, Canada’s oil sands will experience large production growth through 2019. While the next two years will witness an additional half-million barrels hitting the market, all signs point to a deceleration of growth in 2020.

“Rising Canadian oil sands production comes at a critical time for the heavy oil market,” wrote to Kevin Birn, executive director, IHS Markit, and author of the study. “Although the global oil market has been a story of abundance over the past few years, the heavy market has borne the brunt of the tightening global oil market.”

Already have an account? Log In

Thanks for reading Hart Energy.

Subscribe now to get unmatched coverage of the oil and gas industry’s entire landscape.

Get Access