Canada is having its moment. The Mideast crisis, which disrupted roughly 30% of global crude oil flows and 20% of LNG trade, has heightened the need for supply diversification. In the meantime, the more pragmatic tone that industry participants say Prime Minister Mark Carney has adopted toward the oil and gas sector, coupled with his ambition to turn Canada into an “energy superpower,” has improved the country’s position from a risk-return perspective, echoing a vision first articulated nearly two decades ago by then-Prime Minister Stephen Harper. Harper’s ambition ultimately failed to materialize; today, Canada is the world’s fourth-largest oil producer at roughly 5.4 million barrels per day, significantly lagging Saudi Arabia and Russia, which produce roughly twice as much, and the US, whose output is nearly three times higher.