1308 ET - If the capture of Venezuela President Maduro leads to a larger change in control of the country that allows for a return of U.S. oil majors it could lead to higher production in three to five years and have negative implications for oil prices, BMO Capital Markets' Randy Ollenberger says. And that would be a blow for Canadian heavy crude price differentials, even as it strengthens the case for an oil export pipeline to Canada's west coast, the analyst says. Venezuela holds the largest proved oil reserves in the world, and the majority is heavy oil that has similar refining characteristics to Canadian oil sands output. A revitalized Venezuelan energy industry could be bad for Canadian producers that have been able to capture market share lost by Venezuela due to U.S. sanctions and a lack of investment, Ollenberger says. (robb.stewart@wsj.com; @RobbMStewart)
(END) Dow Jones Newswires
January 05, 2026 13:08 ET (18:08 GMT)
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