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In sharp contrast to the grim medium-term prognosis for the Canadian oilsands, Exxon Mobil Corp. is predicting sunnier times for bitumen in the decades ahead.

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Some of the world’s most expensive crude lies trapped inside Canada’s oilsands. But the lingering legacy of US$100 barrels means the nation is destined to exacerbate, rather than alleviate, the global crude glut over the next two years.

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The world’s largest publicly listed oil company said production from Canada and Venezuela’s oilsands will “quadruple” to nine million barrels per day over the next 24 years.

“A significant shift is foreseen in North America, which is poised to emerge as a net liquids exporter due to projected strong growth in tight oil, oilsands and NGLs (natural gas liquids),” the company said in its latest annual outlook, published Monday.

Venezuela produced 1.4 million barrels per day from its oilsands deposits last year, while Canada’s estimated output from the oilsands alone stood at 2.82 million bpd.