U.S. Targets Venezuelan Oil: Impact on Canada CUSMA

On Jan 10 2026, Ottawa readied a CUSMA review while the U.S. announced an operation that captured Venezuelan President Nicolás Maduro and vowed to raise oil output. Experts warn the Venezuelan sector is decayed, but U.S. oil majors could invest to revive heavy‑crude—similar to Western Canada’s cleaner output. RJ Johnston noted risks for U.S. firms, and Kate Kalutkiewicz said Trump’s actions signal a pivot away from single partner reliance. Canada’s Prime Minister Mark Carney said Canadian oil remains cheaper and cleaner, and falls in heavy‑oil prices hit Alberta royalty revenue. U.S. demands include dairy market access and changes to Canada’s Online Streaming Act.