This week, our guest is Eric Nuttall, Partner and Senior Portfolio Manager at Ninepoint Partners. Eric manages the Ninepoint Energy Fund (NNRG) and the Ninepoint Energy Income Fund (NRGI).

Here are some of the questions Peter and Jackie asked Eric: How would you compare investing in Canadian oil and gas producers versus U.S. companies? Do you still believe Canada is undervalued relative to the U.S., as you did when we spoke a few years ago? With OPEC announcing on September 7, 2025, that it will add even more supply to the market, why are oil prices remaining so resilient, and what is Saudi Arabia’s strategy? What are your expectations for North American natural gas prices, particularly in Canada, which has experienced exceptionally weak pricing this year? Canada has seen a wave of consolidation in the oil patch—how do you view corporate consolidation in this context? You have long advocated for oil and gas producers to buy back shares, but if Canada succeeds in building new export pipelines for oil and gas, would you support companies growing production to create value rather than relying solely on buybacks? How can new export pipelines be built if investors continue to prefer buybacks over growth? Finally, do you believe Canadian oil and gas companies still trade at a “green discount” due to climate policies that burden the sector?

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After a summer break, Peter and Jackie are back with their weekly podcast. This week, they catch up on the events and news headlines from the summer, including:

• Geoeconomics – recap examples where countries use economic tools to influence foreign affairs – as well as more moves towards state capitalism by the United States, where the government exercises more control over institutions and companies.
• Canadian oil patch M&A news.
• Updates regarding the federal government’s Bill C-5 and its plans for advancing nation-building projects.
• Tariff negotiation tactics, including news that Canada is removing countervailing tariffs on the United States.
• The United States is exerting more influence over the International Energy Agency (IEA), with the organization planning to reintroduce the Current Policies Scenario in the next World Energy Outlook to be released in the fall of 2025.

Content referenced in this podcast:

• CTV, “Hodgeson ‘hopeful’ first batch of major projects announcements to start in the fall” (August 20, 2025)
• Calgary Herald, “Varcoe: Carney has opened the door to Canadian LNG exports — one closed by Trudeau government, says Liberal natural resources minister” (August 27, 2025)
• The Vassy Kapelos Show, “I know there are buyers: Federal Energy Minister bullish on LNG as a nation-building project” (August 12, 2025)
• Oilprice.com, “Republicans Move to Cut U.S. Funding for the IEA” (July 24, 2025)
• E&ENEWS by Politico, “Trump team pushes for ouster of top IEA official” (August 7, 2025)

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LinkedIn: @ARC Energy Research Institute

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This week on the podcast, Jackie and Peter start by talking about Jackie’s recent op-ed in the Globe and Mail, titled “Yes, absolutely – Canada needs more oil and gas pipelines to our coasts,” also available on the ARC Energy Research Institute website.

Next, Peter and Jackie review the fundamentals of oil prices, the muted effect of the 12-day Iran-Israel war, and why oil prices have been creeping up despite weaker short-term fundamentals. Peter argues that the growing importance of “geoeconomics” - where countries use economic tools to influence foreign affairs - means that predicting oil prices will no longer be just about counting barrels. In the future, one of the most significant factors shaping oil markets will be the geoeconomic strategies of nations, including actions such as sanctions, tariffs, and withholding supply.

Finally, Jackie and Peter discuss President Trump’s recent letters to numerous countries threatening higher tariffs effective August 1st, including a letter to Canada with 35% tariffs on Canadian goods. Washington also introduced global copper tariffs.

This is the last podcast before a break; the podcast will resume at the end of summer.

Please review our disclaimer at: https://www.arcenergyinstitute.com/disclaimer/

Check us out on social media:

X (Twitter): @arcenergyinst
LinkedIn: @ARC Energy Research Institute

Subscribe to ARC Energy Ideas Podcast
Apple Podcasts
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