The Financial Post reports in its Thursday edition that Canadian oil sands producers led by Cenovus plan to expand production next year despite an impending supply glut that threatens to deepen the slump in crude prices. A Bloomberg dispatch to the Post says four of Canada's biggest oil companies including Cenovus, Canadian Natural Resources, Suncor and Imperial Oil are forecasting higher output in 2026. Cenovus is predicting an increase of roughly 18 per cent, largely to account for its November takeover of MEG Energy as well as expansion projects at legacy assets. Canadian drillers are boosting crude production to take advantage of surplus pipeline capacity to export terminals in Canada's Pacific coast. Last year's expansion of the Trans Mountain system probably will not be completely filled to capacity until 2027. Enbridge has rolled out plans to expand a pipe network that feeds oil sands crude to U.S. markets. Additional Canadian barrels threaten to worsen what the International Energy Agency projects will be an unprecedented global crude surfeit. That forecast already bumped U.S. benchmark prices down 22 per cent this year, putting them on track for the worst annual performance since 2018.