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Carney Champions Canada's Oil Amid Venezuelan Competition Concerns

1/7/2026

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Summary

Story summary

Prime Minister Mark Carney expressed confidence in Canada's oil sector amid concerns over increased Venezuelan production, noting its low cost, low risk, and low carbon footprint.
He welcomed a potential democratic transition in Venezuela but emphasized diversifying Canada's oil exports to Asia to reduce exposure to any one market.
Conservative Leader Pierre Poilievre warned that Venezuela's heavy crude could rebound and threaten Canadian market share in U.S. refineries.
Poilievre urged pursuing new markets to mitigate this risk.

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Story summary

Prime Minister Mark Carney expressed confidence in Canada's oil sector amid concerns over increased Venezuelan production, noting its low cost, low risk, and low carbon footprint.
He welcomed a potential democratic transition in Venezuela but emphasized diversifying Canada's oil exports to Asia to reduce exposure to any one market.
Conservative Leader Pierre Poilievre warned that Venezuela's heavy crude could rebound and threaten Canadian market share in U.S. refineries.
Poilievre urged pursuing new markets to mitigate this risk.