Prime Minister Mark Carney expressed confidence in Canada’s oil industry, stating that he is not concerned about potential competition from increased oil production in Venezuela. He emphasized that Canadian oil stands out for being cost-effective, environmentally friendly, and low-risk compared to Venezuelan oil. Carney made these remarks during a press briefing in Paris following inquiries about U.S. President Donald Trump’s recent actions regarding Venezuela.
Carney highlighted that Canadian oil remains competitive in the market due to its low-risk profile, cost efficiency, and reduced carbon footprint, particularly with the advancements in carbon capture through projects like Pathways. He assured that these factors position Canadian oil favorably for the long term.
In response to concerns raised after the U.S. military intervention in Venezuela and the detention of leader Nicolás Maduro, which hinted at potential disruptions to Canadian oil exports, Carney downplayed the impact. He indicated that while he welcomes the possibility of increased prosperity in Venezuela, Canada has already been diversifying its oil export markets beyond the U.S., including initiatives to enhance exports to Asia.
Carney referenced a memorandum of understanding (MOU) signed with Alberta, which outlines plans for a new bitumen pipeline to the B.C. coast. This agreement includes commitments to implementing higher carbon levies in industrial processes and developing carbon capture projects to reduce emissions from Alberta’s oil sands.
Carney also addressed the contrast between Venezuela’s oil wealth potential and the challenges it faces due to its turbulent history, including political instability and security risks that have hindered its oil production. He underscored the importance of stability and transparency in the oil industry for the benefit of both Venezuela and the wider Western Hemisphere.
The Prime Minister’s stance diverged from the concerns raised by Conservative Leader Pierre Poilievre, who warned of potential competition between Venezuelan and Canadian heavy crude oil in the U.S. market. Poilievre urged expedited approval of a new pipeline to the B.C. coast to secure alternative markets for Canadian oil amid the changing dynamics in the oil industry.
Foreign Affairs Minister Anita Anand echoed Canada’s commitment to supporting democratic processes in Venezuela during discussions with U.S. Secretary of State Marco Rubio at a G7 meeting. Anand emphasized the importance of upholding democratic principles and ensuring political stability in the region.
Overall, Carney’s remarks emphasized Canada’s confidence in its oil industry’s competitiveness and its strategic efforts to navigate potential challenges while seizing opportunities for growth in the evolving global oil market landscape.