Canada energy exports gain momentum amid global supply shocks

Rising oil prices create new opportunities for Canada resources sector

March 11, 2026

RBC CEO says Canada can benefit from global energy disruption

Rising demand for Canadian resources

Dave McKay said Canada could gain major economic advantages as global energy markets face disruption. He noted that the country is beginning to focus again on its natural resources after years of limited attention.

Speaking at an RBC Capital Markets conference on Tuesday, McKay said the government under Mark Carney aims to expand the development of Canada’s energy and mineral resources.

According to McKay, strong demand from Europe and Asia is increasing interest in Canadian liquefied natural gas and critical minerals. As a result, global markets now see Canada as a key supplier during the current energy uncertainty.

“The world is recognizing a rare opportunity,” McKay said.

Oil prices surge during Middle East conflict

Meanwhile, global oil prices have climbed sharply this year. Prices have risen by more than 50 percent as fears grow that the conflict involving Iran could disrupt oil supplies from the Middle East.

Several major producers — including Saudi Arabia, Iraq, United Arab Emirates, and Kuwait — have reduced their combined output by about 6.7 million barrels per day.

At the same time, the conflict has effectively shut down the region’s main export route. As a result, oil storage facilities have begun filling up. In addition, the UAE’s largest refinery temporarily stopped operations after a nearby drone attack raised security concerns.

Record earnings for Royal Bank of Canada

Despite global uncertainty, Royal Bank of Canada reported strong financial results. The bank recorded more than C$20 billion in earnings during fiscal 2025, making it the first Canadian lender to reach that milestone.

However, the bank’s first-quarter report showed slightly higher provisions for potential loan losses than analysts expected.

Credit risks remain a concern

At the same time, the bank has faced some internal challenges. Last month, several high-yield credit analysts and traders left the firm following losses tied to the collapse of First Brands Group.

McKay also warned about rising credit risks. According to him, subprime loans remain weak on both sides of the border between United States and Canada.

Nevertheless, he emphasized that Canada’s strong resource sector could help the country benefit from ongoing global energy changes.
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