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
2 March 2026
A potential blockade of the Strait of Hormuz following the escalating US-Iran conflict risks disrupting Qatari LNG exports that underpin global gas markets, exposing Asia and other markets to sharp price spikes, cargo shortages and renewed reliance on dirtier fuels
2 March 2026
The South Asian consumer’s next move could tighten the Middle East oil market overnight
2 March 2026
Canadian independent’s evolving portfolio in Trinidad and Tobago gives it access to the Atlantic LNG market and a close-up view of developments in neighbouring Venezuela
27 February 2026
LNG would serve as a backup supply source as domestic gas declines and the country’s energy system comes under stress during periods of low hydropower output and high energy demand
