The Cenovus Christina Lake oilsands facility
Canadian producers positioned to ride out the downcycle
The country’s upstream players have demonstrated resilience to low oil prices and are well positioned to prosper despite a volatile market
Canadian oil and gas companies have shifted strategy and emerged as extremely competitive entities over the past several years. Canadian Natural Resources Ltd. (CNRL), Cenovus Energy and Suncor Energy, in particular, have shown high resilience to low oil prices, allowing them to acquire additional assets on the cheap on the downcycle but capping oil production growth in Canada at a moderate pace. “Canadian oil producers are relatively well positioned to navigate higher volatility and lower crude price periods versus the global competition,” Travis Wood, managing director for energy at Canada’s National Bank Capital Markets, told Petroleum Economist. The major reasons for Canada’s relative ad
Also in this section
24 March 2026
It is an unusual story of out with the new and in with the old, as America First Refining shows the US going back to trusted energy security developments
23 March 2026
A complex and sometimes contradictory web of factors that include unpredictable oil prices, the globalisation of LNG markets, the expansion of Middle Eastern sovereign capital and the growth of datacentre demand will shape the energy landscape beyond 2026
23 March 2026
The Strait of Hormuz crisis highlights how key waterways can become global chokepoints
20 March 2026
Attacks on key oil and LNG assets across the Gulf mean a prolonged supply disruption, with damage to Qatar’s export capacity undermining confidence in the global gas system
