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U.S. sanctions on Venezuela could benefit Canadian oil producers

  • Yahoo! News Canada
  • |
  • Jul 28, 2017
U.S. sanctions on Venezuela could benefit Canadian oil producers

U.S. President Donald Trump has threatened to impose sanctions on Venezuela, which could help Canada’s oil industry.

Eight per cent of U.S. oil imports come from Venezuela, says Ivey Professor Guy Holburn, and 30 per cent from Canada. If the U.S. imposed sanctions on Venezuela, Canada would likely be a top choice as its replacement.

“It’s a reasonably significant proportion of the overall oil imports so imposing sanctions would mean that refineries would need to find alternative sources,” Holburn says.