Canadian oil sands giant defies the trend and plans to increase production by 2026.

Despite the upcoming supply glut that may exacerbate the downward trend in oil prices, Canadian oil sands producers led by Cenovus Energy Inc. still plan to expand production next year. According to production guidance, all four major oil companies in Canada predict an increase in production by 2026, with Cenovus forecasting a growth of approximately 18%. The expansion of Canadian oil production could worsen the global oil surplus situation predicted by the International Energy Agency, a forecast that has already led to a 22% drop in US benchmark oil prices this year.