Speaking to reporters in Paris on Tuesday, Prime Minister Mark Carney stressed that the Canadian heavy oil sector remains a cost-effective supplier as the Trump administration seeks to ramp up Venezuelan production. “We welcome the prospect of greater prosperity in Venezuela,” Carney said. “But we also see the competitiveness of Canadian oil.” (The Logic)

Talking point: Canadian oilsands companies have continued to cut costs over the last decade, making them a choice supplier for many of the U.S. refineries that could at some point start processing more Venezuelan crude. Still, Trump’s Venezuela intervention has prompted calls to advance the proposed West Coast oil pipeline that Carney promised to support in his November energy deal with Alberta. Conservative Leader Pierre Poilievre on Tuesday urged Carney to approve the project within 60 days of its proposal, while Calgary oil executive Adam Waterous said Canada must build the pipeline just to keep its energy sector from “shrinking.”