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Canadian Natural Resources Ltd
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Close 2019-09-17 C$ 36.85
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Globe says Suncor, rivals see attack boost Alberta oil

2019-09-18 07:53 ET - In the News

See In the News (C-SU) Suncor Energy Inc

The Globe and Mail reports in its Wednesday, Sept. 18, edition that Alberta Premier Jason Kenney could not have predicted the drone strike that shut half of Saudi Arabia's oil output when he planned his trip to New York this week. The Globe's Konrad Yakabuski writes that the timing, however, of the flare-up has helped make for a more receptive audience among investors, analysts and geopolitical experts to whom Mr. Kenney seeks to make the case for Alberta oil. Mr. Kenney said Tuesday, "The world needs more reliable, stable energy, and Alberta can provide it." While that argument is hardly a new one, it has just taken on renewed salience. The battle for regional supremacy between Iran and Saudi Arabia is no short-term conflict. Saudi Arabia can offer neither the geopolitical stability nor the environmental rigour that Alberta can claim to provide in supplying hungry Chinese and Indian markets. While that has always been the case, the drone strike that hit Saudi Arabia's largest refinery has raised the prospect of more frequent supply disruptions as Iran and its proxies lash out at their rival. Mr. Kenney wants "credit for being the only stable liberal democracy among the largest oil producers in the world."

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