Venezuela vs Canadian oil why a “perfect substitute” ≠ displacement

It is my opinion that the reactionary sell-off in certain names like Suncor or CNQ is overdone. Looking at CNQ, with a 5.5% dividend yield that has never yet been cut, even in the depths of the global pandemic when the price of oil briefly went negative, I was comfortable in rebalancing the portfolio to buy a bit more CNQ shares this morning, after selling some of the outperforming stocks like banks, gold and silver. I didn't back up the truck, as the sour sentiment could result in further downside to Canadian energy stocks, but I will be watching and waiting in the days to come for the potential of additional equity purchases.