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
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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 Ltd43.35 CAD4.11
Cenovus Energy Inc11.64 CAD7.53
Enbridge Inc50.42 CAD0.28Rating
Imperial Oil Ltd37.03 CAD5.35
Peyto Exploration & Development Corp9.58 CAD7.52

About Author

Ruth Saldanha

Ruth Saldanha  is Senior Editor at Morningstar.ca. Follow her on Twitter @KarishmaRuth.


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