Article content

Canadian oil production could edge closer to the five million barrel-per-day milestone in 2018, with supplies expected to grow the second fastest among major producers in coming years, a new report says.

In its monthly oil report released Wednesday, the Paris-based International Energy Agency said Canadian oil output is expected to rise by 290,000 bpd this year, and by another 200,000 bpd in 2018 to reach 4.95 million bpd. The IEA’s estimates for Canadian oil output were revised upward due to “robust production” across the sector, particularly in the oilsands.

We apologize, but this video has failed to load.

tap here to see other videos from our team. Try refreshing your browser, or Canadian oil output to hit 5 million bpd by 2018 as growth cycle nears end Back to video

The IEA report also estimated U.S. oil production will grow 470,000 bpd in 2017, and as much as 1.1 million bpd in 2018. The country remains the fastest-growing non-OPEC producer in the world, just ahead of Canada.

Together, the 2.06-million bpd surge in North American production over the next two years could offset any new measure by OPEC to extend its 1.8 million bpd cut beyond March 2018 — an idea that appears to be gaining support among OPEC members and its allies.