The International Energy Agency (IEA) said it expects Canadian oil production to average 5.69 million barrels per day this year, compared to 4.96 million during the height of the 2020 lockdowns.

In response, USD Group LLC said it is “excited to service customers through this increase in production, and we are ready to handle the demand”.

Values for crude oil barrels have traded steadily upwards over the last six months as more economies either reopen or are expected to reopen soon following the rollout of coronavirus vaccines.

ARC Energy Research Institute predicts oilsands spending should rebound 17 percent from a low of $6.5 billion in 2020 to roughly $7.7 billion in 2021 — a level which is still the second lowest capital spend in the sector in the past 10 years.

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13th April 2021