Commodities
Oil-Sands Output Seen Rising More Than Expected on Strong Prices
- S&P raises 2030 production forecast by 90,000 barrels a day
- Companies seen boosting output from existing operations
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Canadian oil-sands output will increase by about half a million barrels a day by 2030, more than previously forecast, as stronger prices encourage companies to expand existing projects, according to S&P Global Commodity Insights.
Output will rise to 3.8 million barrels a day by 2030, about 3% higher than projected last year, S&P said Thursday. Companies including Exxon Mobil Corp.’s Imperial Oil Ltd. unit and Canadian Natural Resources Ltd. are expanding existing oil-sands well sites, taking advantage of the start of new pipeline capacity to the Pacific Coast.