Trade Dispute Could Force U.S. to Buy Venezuelan Oil, Canada Says

Trade Dispute Could Force U.S. to Buy Venezuelan Oil, Canada Says | OilPrice.com

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Breaking News:

ByTsvetana Paraskova– Jan 31, 2025, 7:30 AM CST

President Trump’s threat of tariffs on Canadian imports could leave the United States reliant on crude oil from Venezuela, with which the U.S. doesn’t want to work, Canadian Foreign Minister Melanie Joly told the Financial Times.

Joly is visiting this week Washington, D.C. for her first official meeting with U.S. Secretary of State Marco Rubio and other U.S. government leaders. The Canadian foreign minister emphasized the negative impacts that U.S. tariffs on Canadian goods would have on both countries’ economies, workers, and businesses on both sides of the border.

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“Canadian energy and resources—including oil and critical minerals—underpin the long-term economic security and prosperity of both Canada and the United States to protect our energy security and reduce our reliance on the resources of non-like-minded countries,” Joly said ahead of her trip to Washington.

“I’m travelling to Washington this week to emphasize that we are stronger when we work together, as partners and neighbours.”

In an interview with FT, Joly said “We ship oil at a discount which is, ultimately, refined in Texas. If it’s not us, it is Venezuela.”

Canada’s heavy crude is a staple with U.S. refineries in the Midwest and the Gulf Coast, which are configured to process the heavier crudes from Canada and Venezuela rather than the much lighter crudes from the U.S. shale patch.

“There’s no other option on the table, and this administration doesn’t want to work with Venezuela,” Joly told FT.

President Trump said on Thursday that the administration was considering a possible exemption for oil in the proposed 25% tariffs on imports from Canada and Mexico. Tariffs could be imposed as early as Saturday.

Canada has reportedly drafted a list of U.S. goods worth about US$105 billion that it could tax with tariffs if President Trump moves to impose tariffs on imports from Canada.

By Tsvetana Paraskova for Oilprice.com

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