Alberta Sees $60 WTI as Oil Output Climbs

Alberta’s 2026/27 budget forecasts average WTI crude at $60.50 while oil production rises toward 4.3 million barrels per day and heavy crude discounts widen.

(Reuters) —

• The oil-rich Canadian province of Alberta predicts global crude prices will remain under pressure in the near-term.
• Alberta's government is forecasting an average WTI price of US$60.50 for its 2026/27 fiscal year, down from $61.50/bbl in 2025–26 and $74.34 in 2024-25.
• Alberta's total oil production is forecast to rise by an additional 118,000 barrels per day, or 2.9%, in 2026.
• By 2027, Alberta says its total oil production will reach over 4.3 million barrels per day.
• The discount on Alberta's heavy crude has widened in recent months due in part to market concerns about competition from Venezuelan barrels along the U.S. Gulf Coast. Alberta expects the Canadian heavy crude discount to average $13 in 2026/27, compared to $11.20 in 2025/26.
• The province expects Alberta natural gas prices (AECO) to rise significantly in 2026/27 to CAD$3 per gigajoule, compared to CAD$1.70 per gigajoule in 2025/26, in large part due to rising demand from the LNG Canada facility in Kitimat, B.C.

$1=$1.3696 Canadian dollars