Different horses for the oil sands course
Norway pulls funding from Canada’s heavy, sulphurous crude as Saudi Arabia expands its footprint
Recent decisions about investing in major Canadian oil sands companies by the sovereign wealth funds (SWFs) of Norway and Saudi Arabia, two important oil producers in their own right, have been a study in contrast. In mid-May, Norway’s oil fund announced it had formally excluded investment in four Canadian oil companies—Canadian Natural Resources (CNRL), Cenovus Energy, Imperial Oil and Suncor Energy—from its $1tn portfolio, the largest SWF in the world, on environmental grounds. Four days later, it was reported that Saudi Arabia’s $320bn Public Investment Fund (PIF) had built significant stakes in CNRL and Suncor during the recent oil market rout, apparently for more commercial reasons. No
Also in this section
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
