Saudi Arabia is sitting atop the world's greatest reserves of light, "sweet" crude. That's the really valuable stuff you just pump out of the ground. No need to dig or boil it out. Doesn't have to be diluted, heated or pushed through pipelines at high pressures.
Saudi oil is pretty much the opposite of high-carbon, high-cost, low-value bitumen, the Athabasca sludge, the crap that Ignatieff boasted was the "beating heart of the Canadian economy for the 21st century." We chose not to construct refineries capable of processing bitumen, creating a foreign "buyers' market." In the global oil markets, we're the poor cousin.
We may be in the tar pit basement but we're not alone. Even the Saudis, with their great oil bounty, are losing money.
If the Saudis, with their low-cost, high-value conventional crude oil are losing money, what do we expect from high-cost, low-value, unconventional bitumen?