Canada’s oil sands production has come roaring back, and according to IHS Markit, output is returning to pre-pandemic levels after a particularly difficult year that involved not only the Covid-19 pandemic but also a major pipeline defeat in the Keystone XL cancellation. Canada’s oil sands production has now fully recovered, according to IHS Markit—and then some. The pandemic has, however, dimmed the future prospects for the oilsands. Canada’s oil sands production should reach 3.6 million bpd in 2030, according to the latest IHS Markit forecast. This would be an increase of 650,000 bpd from 2021 levels, and 900,000 bpd up from 2020 levels. This is lower than IHS Markit’s previous forecast of 3.8 million bpd due to lingering effects from the pandemic and the nation’s pipeline woes. But things are looking up. The Candian benchmark, Western Candian Select (WCS) has risen from under $31 per barrel a year ago, […]