Prime Minister Mark Carney says his government wants to expand Canada’s oil exports to Asia as Venezuelan oil could soon compete with Canadian oil in the U.S. market.
Speaking in Paris during talks on Ukraine, Carney responded to calls from Conservative Leader Pierre Poilievre to approve a new pipeline to the Pacific coast. Poilievre argues the U.S. move to take control of Venezuela’s oil industry could lead to more Venezuelan oil flowing to American refineries, pushing out Canadian oil.
Carney said Canada welcomes stability and prosperity in Venezuela but believes Canadian oil will remain competitive because it is reliable, lower risk and becoming cleaner to produce. He said exporting oil to Asia would help Canada diversify its markets and pointed to a recent agreement with Alberta that links a proposed coastal pipeline to a major carbon capture project.
Poilievre warned Venezuela’s oil production could rise quickly and hurt Canadian producers if new markets are not found. Alberta Premier Danielle Smith also said recent events highlight the need to speed up pipeline development.
Ottawa and Alberta say the pipeline would be built by the private sector, with Indigenous communities involved as partners, and an application is expected to be ready by July 1.
