US EditionU.S. designs for Venezuelan oil industry put pressure on Canadian oil stocks
U.S. moves to control Venezuelan oil sparked a 3% drop in Canadian energy stocks amid concerns over increased competition for heavy crude in U.S. Gulf Coast refineries.
- On Jan. 5, 2026, Canadian energy shares fell after the U.S. military captured the Venezuelan leader and U.S. President Donald Trump announced plans to put Venezuela's oil industry into American hands, with Cenovus Energy Inc. and Canadian Natural Resources Ltd. down about five per cent.
- U.S. moves to control Venezuela's oil were flagged by analysts noting U.S. President Donald Trump signalled interest in its 300 billion barrels reserves despite U.S. sanctions blocking supplies today.
- Pipeline data show that about four million to 4.2 million barrels a day move from Canada to the U.S., with roughly 2.8 million to 2.9 million sent to U.S. Midwest refiners and about 400,000 barrels a day to U.S. Gulf Coast refineries.
- Alberta's government reacted by saying Danielle Smith, Alberta Premier, emphasized speeding pipeline projects with Canadian federal and provincial partners, while Derek Holt urged urgent expansion to export oil to Asian refiners.
- Looking at recovery timelines, experts estimate Venezuela's rebuild will take five to 10 years as production dropped from about 1.1 million barrels per day in November 2025 to approximately 500,000 barrels daily in December.
13 Articles
13 Articles
What a Venezuelan Oil Comeback Could Mean for Canada
News Analysis With the recent change in leadership in Venezuela and the prospect of a revitalization of oil projects in the country, there’s speculation about what this could mean for Canada’s oil industry if its largest customer, the United States, can get cheaper crude oil from Venezuela in the years to come. Washington has floated a plan for American oil companies to help revamp Venezuelan oil exploration and development, with U.S. President …
U.S. designs for Venezuelan oil industry put pressure on Canadian oil stocks
Shares in Canada’s biggest oilsands producers came under pressure Monday after the U.S. military captured the Venezuelan leader and President Donald Trump announced plans to put that country’s oil industry into the hands of American companies.
Venezuela, U.S. Policy, and the Risk Now Facing Canada’s Oil Sands - Counsel Public Affairs
Recent U.S. actions affecting Venezuela’s oil sector have reintroduced a risk to Alberta’s oil sector that had largely faded from view. Venezuela holds the world’s largest proven oil reserves, and most of that oil is heavy crude. That matters because it competes directly with the kind of oil produced from Alberta’s oil sands once it is prepared for market. For decades, Venezuelan heavy crude was a primary feedstock for large U.S. Gulf Coast refi…
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