Global oil markets are reeling after a weekend attack on key Saudi oil facilities. But while global consumers seek to diversify their oil sources away from fragile Middle East oil supplies, Canadian oil remains locked in and inaccessible to much of the world.
Given the rising tensions in the Middle East, the threat of sidelining nearly a significant amount of global oil production is no longer a hypothetical, a black swan or a fat tail. The lesson learned over the weekend is one of ‘vulnerability’, which could shift investors sentiment towards more stable regions of supply like Canada, Tran said.
“While many prolific oil producing regions are subject to geopolitical infused attacks, the Canadian energy industry remains saddled with a different dose of political risk stemming from production curtailments to ownership of energy infrastructure,” Tran noted. “No matter whether it takes Saudi Arabia 5 days or a lot longer to get oil back into production, there is but one rational takeaway from this weekend’s drone attacks on the Kingdom’s infrastructure – that infrastructure is highly vulnerable to attack, and the market has been persistently mispricing oil, which Citi reckons should have been a good $10 a barrel higher than it has been for months,” Morse noted.The S&P/TSX composite index rose another 39.14 points on Friday to reach 16,682.
Your CPC overlords are now complaining that Canadians will have to pay more at the pumps even thought a majority of oil is exported where a higher price is beneficial to Canada. So which one is it? Can’t have it both
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: CTVNews - 🏆 1. / 99 Read more »
Source: CTVNews - 🏆 1. / 99 Read more »
Source: globeandmail - 🏆 5. / 92 Read more »
Source: Sportsnet - 🏆 57. / 59 Read more »
Source: Sportsnet - 🏆 57. / 59 Read more »
Source: TSN_Sports - 🏆 80. / 51 Read more »