Trump's Venezuela Pivot Threatens Oilsands Dominance

U.S. President Donald Trump has announced plans to take control of Venezuela's oil reserves, which could potentially displace Canada's oilsands as a source of heavy crude.

The U.S. has historically struggled to replace Canadian supply due to the country's reliance on light crude and the decline of heavy-crude exports from Mexico and Venezuela.

Venezuela's production has recently seen a resurgence, with 630,000 barrels per day (bpd) exported in June, but the cost of boosting production would be staggering, requiring billions in investment over a decade to revitalize aging fields and infrastructure.