Different horses for the oil sands course
Norway pulls funding from Canada’s heavy, sulphurous crude as Saudi Arabia expands its footprint
Recent decisions about investing in major Canadian oil sands companies by the sovereign wealth funds (SWFs) of Norway and Saudi Arabia, two important oil producers in their own right, have been a study in contrast. In mid-May, Norway’s oil fund announced it had formally excluded investment in four Canadian oil companies—Canadian Natural Resources (CNRL), Cenovus Energy, Imperial Oil and Suncor Energy—from its $1tn portfolio, the largest SWF in the world, on environmental grounds. Four days later, it was reported that Saudi Arabia’s $320bn Public Investment Fund (PIF) had built significant stakes in CNRL and Suncor during the recent oil market rout, apparently for more commercial reasons. No
Also in this section
16 April 2026
Demand for oil is falling because supply cannot meet it, not because it is no longer required
16 April 2026
The continent has an immediate opportunity to make the most of its energy resources by capturing gas that is currently slipping away
15 April 2026
The continent is seeing political pushback to climate plans, corporate reassessment of transition goals and rising supply risk in a fractured global order
15 April 2026
The Middle East energy crisis may turn out to be pivotal to the industry’s long-term expansion, but significant challenges still stand in its way
