Canadian Oil Production to Expand in 2025 as Major Companies Announce Growth Plans

Suncor, Imperial Oil, and Cenovus Energy project increased output while facing climate policy challenges.

Suncor Energy plans to boost oil and gas production by up to 5% in 2025, targeting 810,000 to 840,000 barrels per day.
The company attributes growth to operational improvements, cost reductions, and the expanded Trans Mountain pipeline's added export capacity.
Other Canadian oil majors, including Imperial Oil and Cenovus Energy, also announced production increases of 3-4% for 2025.
Canada's crude oil production reached a record 5.1 million barrels per day in 2023, with further growth anticipated in 2024 and beyond.
The industry faces pressure to align with federal climate targets, including a 35-38% emissions reduction by 2030, while pursuing carbon capture projects to meet net-zero goals by 2050.