Canadian oil producers have taken it on the chin since Maduro’s capture…

… driven by concerns that a revival of Venezuela’s oil industry could pull capital away from Canada and reduce U.S. reliance on our product.

As this excellent post lays out, replacing Canadian export capacity would require nearly $1T and ten years - but that doesn’t mean the sell-off isn’t justified. As net new barrels hit the gulf coast…

… some Canadian heavy oil could be displaced (incrementally), putting pressure on WCS prices and producer profitability.