Prime Minister Mark Carney says he's not worried about the prospect of increased oil production from Venezuela challenging Canada's energy exports because Canadian oil is cheaper, cleaner and lower-risk. "That makes Canadian oil competitive for the medium and long term." After launching military strikes against Venezuela and arresting Venezuelan leader Nicolás Maduro, Trump said U.S. oil companies would go into the country, fix the oil infrastructure and oversee the industry. Oil wealth will help Venezuelans, Carney saysCanada's oilsands produce nearly five million barrels of oil per day, the vast majority of which is exported to the U.S. "Every barrel the United States sources from Venezuela could mean one less barrel these refineries would buy from Canada.

Source: CBC News January 07, 2026 12:35 UTC