Canadian oil production may not increase this year, said Toril Bosoni, a senior oil market analyst with the IEA. As a result, "we're seeing very little investment going into further development" of new oil production, she said. Oil production growth continues to surge in the U.S., and the IEA expects American oil exports to surpass Russia and nearly reach Saudi Arabian levels in the next five years. The fracking technology is why the U.S. experienced the highest oil production growth of any country in 2018. Some analysts still expect Canadian oil production to increase, including Kevin Birn with IHS, who said more than 100,000 barrels per day of growth is possible.

Source: CBC News March 11, 2019 19:23 UTC