EDMONTON — Claims by U.S. President Donald Trump that the United States could take control of oil-rich Venezuela represent a potential medium-term risk for Canada’s energy sector, but not an immediate cause for alarm, according to a Canadian energy expert.
Heather Exner-Pirot, director of energy, natural resources and environment at the Macdonald-Laurier Institute, said Canada’s oil and gas industry has long operated in a competitive global market and must continue to focus on efficiency and diversification rather than reacting to political rhetoric from Washington.
Exner-Pirot said Trump’s recent comments suggesting the U.S. would “run” Venezuela’s oil sector underscore the need for Canada to remain competitive over the medium term, as global energy dynamics continue to shift.
She pointed to remarks by U.S. Secretary of State Marco Rubio, who appeared to walk back Trump’s claims on Sunday. Rubio suggested the United States would not assume a day-to-day governing role in Venezuela, beyond enforcing an existing “oil quarantine” on the country.
That clarification, Exner-Pirot said, indicates Trump’s statements should be viewed as threats rather than imminent policy, at least for now. She added that the U.S. president must first navigate the global political instability generated by his recent actions before the United States could realistically benefit from Venezuelan oil production.
In the longer term, however, Exner-Pirot said Venezuela could realign its oil markets more closely with U.S. interests, a development that could affect Canada’s position in global energy markets.
She said Canada is already taking steps in the right direction. Prime Minister Mark Carney and Alberta Premier Danielle Smith have recently emphasized expanding access to new export markets, diversifying the energy sector and strengthening Canada’s overall competitiveness.
Those efforts, Exner-Pirot said, will be key to ensuring Canada’s oil and gas industry remains resilient amid evolving geopolitical and economic pressures.