President Trump’s order of a strike on a boat offshore Venezuela has sparked speculation about potential regime change in the oil-rich country. Venezuela holds the world’s largest proven reserves of heavy crude, with most oil destined for U.S. Gulf Coast refineries. Amid sanctions, Canadian heavy crude replaced Venezuelan oil, impacting both countries. Venezuela’s oil production has dropped to 900,000 barrels daily, down from 3 million 20 years ago. A regime change could lead to lower prices and increased U.S. oil production. This uncertainty adds a new dimension to global oil markets, affecting countries like Canada.

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