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Canadian Natural Resources Ltd
Symbol CNQ
Shares Issued 2,062,393,699
Close 2026-08-31 C$ 69.49
Market Cap C$ 143,315,738,144
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Globe says Suncor hears need to diversify oil exports

2026-09-01 09:11 ET - In the News

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

The Globe and Mail reports in its Tuesday edition that a fractured trade relationship with the United States and potential surge in oil production in Venezuela could add urgency to Canada's push to expand and diversify its energy exports. The Globe's Sophia Bertuzzi and Jeffrey Jones write that President Donald Trump announced on the weekend that he had struck a deal to take majority control of Venezuela's oil reserves, noting on social media that the deal puts OPEC and Canada "on notice." The details are still unclear, but a flood of Venezuelan crude making its way to the U.S. market currently seems like a far-off proposition, and one fraught with risks. Venezuela is an OPEC member. Still, the deal underscores the importance of Canada further reducing reliance on its dominant southern market -- a years-long quest. That requires spending billions more dollars expanding pipeline capacity to the country's coasts. The recently expanded Trans Mountain system is currently the only pipeline network in Canada that transports Alberta crude oil to the West Coast, where it can be shipped overseas and sold at a premium to North American prices. Demand has been bolstered by Asian refineries scrambling to replace Persian Gulf crude.

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