Canada’s oil sector shouldn’t panic, stay competitive after Maduro’s seizure: expert

EDMONTON — A political scientist says U.S. President Donald Trump’s interest in transforming Venezuela’s oil-rich sector is a reminder for Canada’s oil and gas industry to not panic and stay competitive.

Heather Exner-Pirot, director of energy, natural resources and environment with the think-tank Macdonald-Laurier Institute, says Canada has always competed with other oil-rich countries, and Trump’s recent claims his country will “run” oil-rich Venezuela is a medium-term risk to Canada.

She says Secretary of State Marco Rubio’s backtracking on Trump’s claims on Sunday, suggesting that the United States would not take a day-to-day role in governing Venezuela other than enforcing an existing “oil quarantine” on the country, shows Trump’s threats are so far just that — threats.

She says the U.S. president needs to get through the extreme and global political unrest his actions have created before profiting from Venezuelan oil and shaking up Canada’s oil sector.

She says Venezuela could reshape its oil markets in favour of the United States in the long term.

But Canadian Prime Minister Mark Carney and Alberta Premier Danielle Smith have been heading in the right direction in recent months by turning their attention to finding ways to get Canadian oil to new markets, diversifying the sector and ensuring Canada remains competitive.