Reuters
Canada's oil sands are inching toward record production, as the country's biggest producers squeeze more barrels out of existing assets, but they are holding back on big spending despite some of the highest oil prices in seven years. The oil sands, which make up the bulk of Canada's production, are on track to reach 3.5 million barrels per day (bpd) by year-end, surpassing January's record of 3.25 million bpd, said Matt Murphy, analyst at investment bank Tudor, Pickering, Holt. Canada's majors all signaled recently, however, that they have no plans to take on big new projects or significant expansions to existing facilities.