Canada’s Five-Year Energy Outlook—April 2026

Global Conflict and Domestic Opportunity

This quarter, we look at oil and gas prices and production, the impact of the war in Iran, and what we can expect in energy investment moving forward.

Oil markets have been highly volatile, shifting concerns from oversupply to supply deficits following the onset of the war in Iran. What does this mean for oil and gas production and prices this year? Have North American natural gas prices been less reactive to the war in Iran than the European benchmark? What are the overall implications for Canada?

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