What the Saudi attack means for Canadian oil

Canadian energy stocks soar, and the Canadian Crude Index is up 10%, but pipelines are a key obstacle

Ruth Saldanha 16 September, 2019 | 12:48AM

Saudi oil field fire

Over the weekend, drones targeted Saudi Aramco’s oil facilities at Abqaiq and Khurais. The Abqaiq plant has a processing capacity of more than 7 million barrels of oil per day (MMbpd), equivalent to about 70% of Saudi Arabia’s current 9.8 mmbpd of production. The state-owned oil company said it lost 6 MMbpd of oil – which could impact 6% of the world’s oil output.

It is one of the biggest disruptions to oil output ever.

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar Rating
Canadian Natural Resources Ltd18.78 CAD-5.30
Cenovus Energy Inc3.46 CAD3.28
Enbridge Inc39.60 CAD1.36
Husky Energy Inc4.05 CAD1.00
Imperial Oil Ltd16.97 CAD-2.64
Peyto Exploration & Development Corp1.54 CAD0.65

About Author

Ruth Saldanha

Ruth Saldanha  Ruth Saldanha is Senior Editor at Morningstar.ca