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23h ago

Carney Says Canadian Oil Will Compete as Ottawa Advances West-Coast Pipeline Plan

Carney points to lower risk, falling costs, carbon capture to dismiss fears of Venezuelan displacement.

Pumpjacks draw out oil and gas on a frosty -25C day from wells head near Carstairs, Alta., Monday, Feb. 3, 2025. Canada has the third largest oil reserves in the world and is the world's fourth largest oil producer. THE CANADIAN PRESS/Jeff McIntosh
Crude oil tankers SFL Sabine, front left, and Tarbet Spirit are seen docked at the Trans Mountain Westridge Marine Terminal, where crude oil from the expanded Trans Mountain Pipeline is loaded onto tankers, near a residential area in Burnaby, B.C., on June 10, 2024. THE CANADIAN PRESS/Darryl Dyck
Evana, an oil tanker, is docked at El Palito port in Puerto Cabello, Venezuela, Sunday, Dec. 21, 2025. (AP Photo/Matias Delacroix)
Prime Minister Mark Carney told reporters at the Canadian Embassy in Paris on Tuesday that Canadian oil would remain competitive even if U.S. President Donald Trump succeeds in revitalizing Venezuela's oil industry.

Overview

  • Speaking in Paris, the prime minister said Canadian heavy crude remains competitive on risk, cost and emissions, citing the Pathways carbon-capture plan.
  • He welcomed the prospect of a democratic transition in Venezuela and said higher Venezuelan output would aid stability without threatening Canadian producers.
  • Ottawa and Alberta have a comprehensive MOU that links a proposed Pacific pipeline to the Pathways project and targets a July 1 application to the Major Projects Office.
  • Conservative Leader Pierre Poilievre urged immediate federal approval of a West Coast line and asked for a decision within 60 days once Alberta submits the proposal.
  • These exchanges follow the U.S. capture of Nicolás Maduro and President Trump’s pledge to revive Venezuela’s oil industry, though analysts say restoring large output will require major investment and time.