Carney says Venezuela reserves no threat to Canada's 'low risk' oil
BBC••nation
Key Points:
- Canadian Prime Minister Mark Carney expressed confidence in the competitiveness of Canadian oil despite potential increased production from Venezuela following the US seizure of Nicolás Maduro, citing Canada's oil as "low risk," "low cost," and "low carbon."
- The seizure of Maduro has raised concerns about Canada's reliance on the US as its largest oil export market, especially amid US ambitions to expand petroleum operations in Venezuela, which holds 17% of the world's oil reserves compared to Canada's 10%.
- Carney emphasized Canada's focus on diversifying oil exports, particularly through a proposed pipeline to the Pacific coast targeting Asian markets, to maintain competitiveness in the medium and long term.
- Analysts suggest that instability in Venezuela will likely persist, limiting its attractiveness for investment and that fears of a
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