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Venezuelan Oil Deal Drives Canadian Heavy Prices Down

1/10/2026

37 3 Full Breakdown

Summary

Story summary

Canadian heavy oil prices fall due to upheaval in Venezuela and the prospect of more Venezuelan oil imports.
Western Canada Select (WCS) is $14.45 below West Texas Intermediate (WTI), the largest discount since July 2024.
U.S. President Donald Trump announced a deal for Venezuela to supply up to 50 million barrels to the U.S.
Experts say any increase in Venezuelan production could impact prices, though no short-term threats are expected.

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Story summary

Canadian heavy oil prices fall due to upheaval in Venezuela and the prospect of more Venezuelan oil imports.
Western Canada Select (WCS) is $14.45 below West Texas Intermediate (WTI), the largest discount since July 2024.
U.S. President Donald Trump announced a deal for Venezuela to supply up to 50 million barrels to the U.S.
Experts say any increase in Venezuelan production could impact prices, though no short-term threats are expected.