Carney Says Canadian Oil Will Stay Competitive After Venezuela Developments
Ottawa, Jan. 6, 2026 — Canadian Prime Minister Mark Carney says Canadian crude oil will remain competitive despite rising Venezuelan production prospects.
He made the comments in Paris at an international meeting on energy and global security.
Carney’s remarks follow historic changes in Venezuela’s leadership and oil sector.
The ousting of Nicolás Maduro raises questions about how Venezuelan oil may return to global markets.
Canadian Oil Seen as Low-Risk Option
Carney stressed that Canadian oil remains attractive because it is low risk and cost-effective.
He said stable governance and clear regulations make Canada a reliable supplier.
He also highlighted efforts to reduce emissions in the oil sector.
Projects like Alberta’s proposed carbon capture initiatives could boost Canada’s appeal to environmentally conscious buyers.
Carney added that these initiatives will help maintain competitiveness over the medium and long term.
He said a functioning Venezuelan economy producing more oil could improve regional stability.
Pipeline, Markets, and Diversification
Conservative Leader Pierre Poilievre urged Carney to approve a pipeline to Canada’s Pacific Coast.
He said expanded market access, especially in Asia, will help Canada compete if Venezuelan crude returns to North American refineries.
Carney noted Canada is working to diversify export markets beyond the United States.
Expanding to Asia would reduce reliance on a single region and open opportunities for Canadian producers.
He also highlighted a memorandum of understanding signed with Alberta.
This agreement links pipeline expansion with carbon capture to attract investment and strengthen market access.
Global Context and Future Outlook
Canada and other democracies have long opposed Maduro’s government.
Officials say renewed Venezuelan oil output could shift global energy dynamics but will not erase Canada’s advantages.
Carney reaffirmed that Canadian oil’s stability, environmental progress, and strategic diversification will help it remain competitive.
These strengths will keep Canadian crude in demand even as the global energy landscape evolves.
