Alberta’s oil sector growing despite global uncertainty: report

Deloitte's new report notes that producers are choosing projects that cost less and can be developed more quickly, like conventional heavy oil drilling and in-situ operations. This helps companies stay profitable, even when prices drop.

A new report says Alberta’s energy sector is still in a good position to grow, even though global oil markets remain unpredictable.

The Deloitte report says global energy prices remained elevated through the second quarter of 2026 as markets continued to grapple with supply disruptions, shifting demand and geopolitical uncertainty.

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Despite those challenges, Canada and the United States both reached record crude oil export levels, with Alberta’s oil sands playing a major role in production growth.

The report notes that producers are choosing projects that cost less and can be developed more quickly, like conventional heavy oil drilling and in-situ operations. This helps companies stay profitable, even when prices drop.

Looking ahead, Deloitte forecasts continued production growth, supported by planned pipeline expansions and optimizations that could add about 800,000 barrels per day of export capacity by 2030.

It also predicts oil prices will fall over the next few years, with WTI crude settling around the $65 per barrel mark.

The report says most oil sands development remains concentrated in the Athabasca region, while activity in the Cold Lake and Peace River regions has increasingly shifted toward conventional heavy oil production.

The report after Alberta Premier Danielle Smith announced separate pipeline proposals with Prime Minister Mark Carney and Ontario Premier Doug Ford, arguing that additional energy infrastructure will be needed to support future production growth.