The Energy Crisis 2026, Eight Months In: Why Markets Remain Tight and What It Means for Canada

Middle Eastern oil exports are nearly back to pre-war levels, so why isn’t the energy crisis over? In this episode, recorded on October 15, 2026, Daphne King, Principal, Client Relationship and Business Development Manager at FGP, speaks with Zeba Mirza, Vice President and Energy Analyst, about what has changed in energy markets since their June conversation. Zeba explains why oil flows have recovered faster than expected, and why the crisis isn’t over. Freight costs have soared, refining capacity is stretched and global inventories are at their lowest since 2016. She then turns to Canada’s opportunity, from the Pacific Link Pipeline to LNG Canada Phase 2. She also discusses what a new build cycle could mean for producers, and why FGP isn’t underwriting $100 oil in its valuations, keeping its long-term price deck at around $75 to $80 a barrel. Listen in to learn why Canadian energy may be a multi-year story, and why the news that oil is flowing again is only part of it. Disclosure:   This podcast is intended for informational purposes only and does not constitute legal, tax, security or investment advice, an opinion regarding the suitability of any investment nor a solicitation of any type. The opinions expressed are as at the date the podcast was recorded and are subject to change without notice. Foyston, Gordon & Payne is registered as a Portfolio Manager in every jurisdiction in Canada, an Exempt Market Dealer in every province in Canada, an Investment Fund Manager in Ontario, Quebec and Newfoundland & Labrador, and as an Investment Advisor in the United States. Foyston, Gordon, and Payne manages a number of pooled funds referred to as FGP Pooled Funds that are offered through a prospectus exemption to residents of Canada. The values of the FGP Pooled Funds change frequently. All investment involves risk. Unless otherwise stated, performance is on an annualized basis, in Canadian dollars and is gross of management fees. Past performance is not indicative of future performance. This podcast may contain forward-looking statements based on our views, information and assumptions as of the date of the recording. Listeners are cautioned that actual events may differ significantly. For further information on Foyston, Gordon, & Payne, please visit our website at [www.foyston.com](www.foyston.com).