Canadian Prime Minister says Venezuelan crude is not a threat to Canada

Paris.- Canadian Prime Minister Mark Carney said in Paris on Tuesday that the possible US control of Venezuelan oil wells does not pose a threat to Canada, the world’s fourth-largest crude oil producer. In statements to the media in the French capital, where he is participating in a meeting of the Coalition of Volunteers in support of Ukraine, Carney said that “Canadian oil will be competitive because it is low risk and low cost” and that it will continue to be “in the medium and long term”. Carney insisted that Canadian oil can compete with that of other countries and that Canada is also taking measures to diversify the markets to which it exports.

You can also read: Donald Trump says he won’t meet with Carney “for a long time” after avoiding each other in Malaysia

The possible US control of Venezuelan oil, with the aim of multiplying production in the country with the largest proven crude oil reserves in the world, is causing concern in Canada due to the fear that it will negatively affect its price. Almost all of Canada’s oil production that is not for domestic consumption is exported to the U.S., and the country currently does not have pipelines connecting the oil sands deposits in the province of Alberta, where its wells are concentrated, with other markets. In 2024, Canada exported an average of 3.9 million barrels of oil per day to the U.S., 77% of the country’s production and 96% of its crude exports, which is of the same heavy type as that of Venezuela. On Monday, shares of major Canadian oil companies fell due to the possible arrival of Venezuelan crude oil at US refineries, which would compete with that of Canada.