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Prime Minister Mark Carney arrives for the meeting of the ‘Coalition of the Willing’ at the Élysée Palace in Paris on Tuesday.Christinne Muschi/The Canadian Press
Prime Minister Mark Carney has downplayed concerns that U.S. President Donald Trump’s pledge to boost oil production from Venezuela will have an impact on Canada’s energy sector.
Mr. Trump has made it clear that the U.S. military action in Venezuela and the capture of President Nicolás Maduro were precursors to taking control of the country’s vast oil reserves and energy infrastructure. That could ultimately lead to a surge of Venezuelan oil on global markets, which would pose a challenge to Canadian producers.
On Tuesday Mr. Carney reiterated that Canada welcomed the removal of Mr. Maduro from office. “It creates the possibility for democratic transition in Venezuela. We very much support that,” he told reporters in Paris, where he was attending a meeting of the “Coalition of the Willing” to support Ukraine.
Increased oil production would benefit the Venezuelan people and provide stability to the country, he added, but that won’t be a threat to Canadian oil producers.
“Canadian oil will be competitive because it is low-risk,” he said. He added that production costs in the oil sands have also started to fall along with carbon emissions through carbon capture programs.
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The recent memorandum of understanding between Ottawa and Alberta on a new pipeline to the West Coast will also help open new markets for Canadian energy. “And that makes Canadian oil competitive in the medium and long term,” Mr. Carney said.
Venezuela has the world’s largest reserves of oil, and its heavy crude is similar to the oil produced in Canada’s oil sands. In the 1990s, U.S. refineries imported almost two million barrels per day from Venezuela. That has fallen to about 135,000 barrels since the rise of socialist leader Hugo Chávez in 1999, followed by Mr. Maduro in 2013. Venezuela’s overall production, which is sold largely to China, has dropped to 934,000 barrels per day from more than three million in the 1990s.
Given the state of its oil industry, it could take years to modernize and would cost tens of billions of dollars. And it’s unclear how committed U.S. oil companies would be to launching projects in the country as long as it remains unstable. But even a modest increase in production could have an impact on Canada, which produces about five million barrels a day and sells most of it to the U.S.
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Mr. Carney also took aim at Mr. Trump’s reiteration of his desire to annex Greenland for “national security” reasons. One of the U.S. President’s top aides, Stephen Miller, has also raised the possibility of using military force to take over the ice-covered island, which is an autonomous territory of Denmark, a NATO ally.
The comments from Mr. Trump and Mr. Miller have taken on new significance in light of the U.S. raid in Venezuela.
Mr. Carney said Canada stands with Greenland and Denmark. “The future of Greenland is a decision for Greenland and for Denmark exclusively – it’s their decision,” he said.
He added that whatever security concerns Mr. Trump has about the increasing presence of China and Russia in the Arctic can be addressed through NATO. “We are partners in NATO. It’s a mutual defence alliance. We can provide that security.”
Mr. Carney spoke to reporters before joining Ukrainian President Volodymyr Zelensky, French President Emmanuel Macron and leaders from more than 30 countries for a meeting of the “Coalition of the Willing” at the Élysée Palace in Paris. The U.S. will be represented by Mr. Trump’s envoys Steve Witkoff and Jared Kushner.
Prime Minister Mark Carney told reporters in Paris that Canada and other Ukrainian allies are close to finalizing security guarantees for the war-torn country as part of broader ceasefire talks. Mr. Carney is gathering with Ukrainian President Volodymyr Zelensky and other leaders from the Coalition of the Willing in Paris.
The Canadian Press
The aim of the gathering is to finalize security and economic guarantees as part of a 20-point peace plan to end the war in Ukraine.
Mr. Zelensky has expressed confidence that 90 per cent of the agreement is in place, but the remaining issues involve complicated negotiations over territory and security guarantees. And getting Russia to agree remains problematic.
Mr. Carney said Tuesday’s meeting may not result in a final agreement, but he insisted that momentum was building. “I think the way I look at this, in terms of the intention and the goodwill and the seriousness with which the countries, Canada included, are approaching this is: If we don’t finalize today, it’s because we identified issues where they could be improved or adjusted. This is not a make or break.”
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Canada has offered to play a role in providing security guarantees. That could involve troops stationed Ukraine, Mr. Carney said, but would more likely involve support services.
The first line of defence, he added, will be the Ukrainian army, which will remain at 800,000 troops, according to the peace proposal. Secondly, there will be monitoring, training and other logistical support. “Then the backstops become the Coalition of the Willing forces, so-called multilateral force, of which Canada will be a member under this framework and, very importantly, the United States,” he said.
Canada will be able to meet its commitment through increased military spending, redeployment of existing forces and joint ventures with the Ukrainian defence industry, Mr. Carney said.
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French President Emmanuel Macron (R) walks with Prime Minister Mark Carney following a meeting at the Élysée Palace in Paris on Tuesday.Tom Nicholson/Getty Images
Prior to the meeting, he held bilateral talks with Mr. Macron and Danish Prime Minister Mette Frederiksen. During the meeting with Ms. Frederiksen at the Canadian embassy, she thanked Mr. Carney for his supportive comments about Greenland and European security. “I think we are both very into securing the Arctic region and together with other NATO allies we can secure the region,” she said.
A group of European leaders representing Britain, France, Germany, Italy, Poland and Spain also expressed their support for Greenland and Denmark Tuesday.
“Greenland belongs to its people. It is for Denmark and Greenland, and them only, to decide on matters concerning Denmark and Greenland,” said a joint statement released just before the Coalition of the Willing meeting.
Security in the Arctic must “be achieved collectively, in conjunction with NATO allies including the United States, by upholding the principles of the UN Charter, including sovereignty, territorial integrity and the inviolability of borders. These are universal principles, and we will not stop defending them.”
