Suncor Chief Executive Officer Mark Little said he expects Canadian oil production to increase this year with prices soaring, even though most Canadian output is long-cycle production.
Little said at a Tuesday briefing at the CERAWeek energy conference he expects “Canada will increase production by a few hundred thousand barrels this year.” He added that every producer is trying to find ways to boost output in the world’s fourth largest oil producer.
Canada produces 4.9 million barrels per day of oil, of which about two-thirds comes from its oil sands which produce bitumen, a sludgy, thick grade of oil that needs dilution to travel through pipelines.