Economic impact on Canada if U.S. shifts to Venezuelan oil
Heidi Echavarria- 0
- 2 minutes read
Since the capture of Venezuelan President Nicolás Maduro last Saturday, expert opinions have multiplied regarding the future of Venezuelan oil amidst negotiations being pursued by the White House and the new Venezuelan administration, considering the US is the main buyer of their oil and it is also the main customer for Canadian oil.
Experts in Canada warn that if crude exports to the American market are reduced, the federal government will need to seek alternatives, to maintain economic stability.
Professor Danny Le Roy, with the Department of Economics at the University of Lethbridge, explains the potential impact on our national economy.
According to the Canada Energy Regulator, in 2024 Canada exported 4.2 million barrels per day of crude oil, of which 95.7 per cent went to the United States.
