08:38:59 EDT Mon 04 May 2026
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Suncor Energy Inc
Symbol SU
Shares Issued 1,184,187,031
Close 2026-05-01 C$ 91.83
Market Cap C$ 108,743,895,057
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Globe says Cenovus, rivals hear N.A. oil output surging

2026-05-04 06:22 ET - In the News

See In the News (C-CVE) Cenovus Energy Inc

The Globe and Mail reports in its Saturday edition that oil exports from North America are surging amid the conflict in Iran, hitting record highs in the United States as countries that usually rely on barrels currently blockaded in a crucial shipping channel scramble to find alternate supplies. The Globe's Emma Graney and Jeffrey Jones write that the blockage of the Strait of Hormuz since Feb. 28 has halted oil and gas exports from the Persian Gulf, cutting off about 20 per cent of the world's supply. Tankers that used to serve customers in the Asia-Pacific region are now stranded with their cargo, and there is no end to the situation in sight. While the major supply shock has driven down oil demand -- it dropped 10 per cent in March -- the 97 million barrels being used each day have to come from somewhere, and North America is pumping out as much as it can. The U.S. became a net exporter of crude oil for the first time since 1944 last week. Its exports have almost doubled since late March, hitting 6.4 million barrels for the week that ended April 24. In Canada, exports out of Vancouver increased by 60 per cent in April compared with February. Tanker traffic from the U.S. Gulf Coast has picked up significantly.

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