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, he added. 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. Those comments raised concerns that Venezuelan oil, a heavy crude similar to Canadian heavy bitumen, could displace Canada's exports to the U.S.WATCH | Carney reacts to U.S. move against Maduro, asked about potential impact on Canadian oil sector:Début du widget . Oil wealth will help Venezuelans, Carney saysCanada's oilsands produce nearly five million barrels of oil per day, the vast majority (new window) of which is exported to the U.S.

Source: CBC News January 06, 2026 14:52 UTC