Prime Minister Mark Carney expressed confidence in the competitiveness of Canadian oil despite the potential rise in oil production from Venezuela. Carney emphasized that Canadian oil stands out due to its affordability, environmental friendliness, and low-risk profile. He made these remarks during a press conference in Paris when asked about the implications of U.S. President Donald Trump’s recent actions in Venezuela on the need for accelerating the construction of a new bitumen pipeline from Alberta to the B.C. coast.
Carney highlighted that Canadian oil’s cost-effectiveness, reduced risk factors, and environmentally sustainable attributes, especially through projects like Pathways for carbon capture, make it a viable option for the long term. He dismissed concerns of Venezuelan oil posing a threat to Canada’s oil exports, stating that Canada has been actively diversifying its markets beyond the U.S., including efforts to increase oil shipments to Asia.
Furthermore, Carney referenced a memorandum of understanding signed between Alberta and the federal government to develop a new bitumen pipeline to the B.C. coast. This agreement includes commitments from Alberta to implement a higher industrial carbon levy on emissions and to establish the Pathways Plus carbon capture project to reduce emissions from the province’s oilsands.
While acknowledging Venezuela’s significant oil reserves, Carney noted the challenges faced by the country in maintaining consistent oil production levels due to various internal issues. He also addressed the impact of sanctions imposed by the U.S. on Venezuelan oil exports, indicating that the removal of Maduro could lead to a more stable and productive Venezuelan economy, benefiting both the Venezuelan people and the Western Hemisphere.
In response to concerns raised by Conservative Leader Pierre Poilievre regarding potential competition between Canadian and Venezuelan heavy crude in American refineries, Carney remained optimistic about the resilience of the Canadian oil industry and the ongoing efforts to secure new markets.
Foreign Affairs Minister Anita Anand echoed Canada’s commitment to supporting democracy in Venezuela and promoting regional stability during discussions with Secretary of State Marco Rubio at a G7 foreign ministers’ meeting. Anand emphasized the importance of upholding democratic principles and ensuring fair elections in Venezuela.