Donald Trump fist-bumps next to images of the Canadian and Chinese flags. (Getty Images)
"Canada, like all petrostates — Iran, all of OPEC, all those people — are going to be at our mercy," Milloy added.
The leader of Canada's conservative opposition party, Pierre Poilievre, said in a letter to Carney Tuesday, that the country needs to "move millions of barrels a day to overseas markets" in order to reduce Canada's "dependence" on the United States' oil market.
"Venezuela's re-entry to American markets means time is running out," Poilievre told Carney in his letter, arguing "our sovereignty depends" on buffering the Canadian oil markets from the United States' influence amid its plans to go into Venezuela and overhaul its oil.
"Recent events surrounding Venezuelan dictator Nicolás Maduro emphasize the importance that we expedite the development of pipelines to diversify our oil export markets, including a new Indigenous co-owned bitumen pipeline to BC’s northwest coast to reach Asian markets," Alberta Premier Danielle Smith also said Monday.
But, according to Carney, Canadian oil will remain "competitive," citing its "clearly low risk" and "low cost" due to the country's stable governance, Reuters reported Tuesday. "That makes Canadian oil competitive for the medium and long term," Carney said. "We welcome the prospect of greater prosperity in Venezuela, but we also see the competitiveness of Canadian oil."
Venezuelan President Nicolas Maduro, right, meets with Qi Xiaoqi, Special Envoy of President Xi Jinping, in Caracas, Venezuela, Jan. 2, 2026. (Presidency of Venezuela/Handout/Anadolu via Getty Images)
"Venezuela is the poster child for the Belt and Road Initiative. The numbers I saw with Venezuela now is about $20 billion to China over just the course of the last few years, and that's largely backed by crude shipments," Stewart continued. "What this says to China is ‘I’m sorry, but your failure to plan with good borrowing partners does not constitute our financial obligation.' It also sends a message to China, ‘Hey get out of our hemisphere.’ … (China) takes about 80% of Venezuela's crude right now so it's going to have a big impact on them."
https://www.foxnews.com/politics/us-gains-leverage-over-canadian-oil-weakens-china-amid-us-plans-overhaul-venezuelan-oil-market