Canadian Oil Companies to Hold Back Investment Despite Windfall Profits

Canadian oil and gas companies expect to see robust profit growth resulting from the supply squeeze caused by the war in the Middle East, but will not use the windfall for more investments, Reuters reported, citing executives at an industry event. “We are a commodity-based business. When we see global prices rise for energy, we participate in that,” the chief executive of oil sands major Cenovus told the publication in an interview. “But I don't think it's going to have any strategic or long-term impacts on anybody's operating…