Canadian Oil Sands Producers Face Headwind With Venezuela in Transition -- Market Talk

Dow Jones01-05

0753 ET - The U.S. military strikes on Venezuela and deposing of Nicolas Maduro threatens to be a headwind for most oil producers, especially those focused on Canadian oil sands, Morgan Stanley's analysis suggests. It notes that Venezuela's oil is predominantly heavy sour crude, similar in quality to a Western Canadian Select barrel. While the near-term supply impact from Washington's aggressive stance in Venezuela appears limited, Morgan Stanley suggests an easing of sanctions on the country could add to an already very oversupplied oil market. And that would contribute to a wider Western Canadian Select discount to West Texas Intermediate. Morgan Stanley estimates Imperial Oil and Cenovus Energy are most exposed to changes in the WCS-WTI spread, while Suncor Energy and Canadian Natural Resources are more insulated. (robb.stewart@wsj.com)

(END) Dow Jones Newswires

January 05, 2026 07:53 ET (12:53 GMT)

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It notes that Venezuela's oil is predominantly heavy sour crude, similar in quality to a Western Canadian Select barrel. While the near-term supply impact from Washington's aggressive stance in Venezuela appears limited, Morgan Stanley suggests an easing of sanctions on the country could add to an already very oversupplied oil market. And that would contribute to a wider Western Canadian Select discount to West Texas Intermediate. Morgan Stanley estimates Imperial Oil and Cenovus Energy are most exposed to changes in the WCS-WTI spread, while Suncor Energy and Canadian Natural Resources are more insulated. 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