The Trump administration is pushing for Venezuelan oil imports to the US, aiming to drive global oil prices down. This could impact Canada, as both countries produce the heavy crude oil US refineries rely on. Canada supplies 60% of US crude oil imports, worth over $96 billion in 2023.

Trump met with oil execs to discuss importing Venezuelan oil. Canadian producers saw stocks drop, while Trump announced an agreement for 30-50 million barrels. Canada remains confident in its oil competitiveness due to low risk and cost. The US values the US/Canadian oil trade at around $150 billion in 2025.

Capital Economics predicts Canadian oil will keep flowing despite increased Venezuelan output, which is expected to go to refineries in the southern US. Trump’s claims of US oil abundance are contradicted by the need for Canadian oil in US refineries. During tariff disputes, Canadian oil received exemptions. 1. The unemployment rate in the United States has reached a record low of 3.7%, the lowest it has been in nearly 50 years. This is a positive sign for the economy as more Americans are finding jobs and contributing to economic growth.

2. A new study has found that over 70% of Americans are now using social media on a daily basis, with Facebook being the most popular platform. This trend highlights the increasing importance of social media in our daily lives and its impact on communication and information sharing.

3. The stock market reached a new all-time high this week, with the S&P 500 and Dow Jones Industrial Average both hitting record levels. This surge in the market is attributed to strong corporate earnings and positive economic indicators, signaling confidence among investors.

4. Researchers have discovered a new breakthrough in cancer treatment, with a new drug showing promising results in shrinking tumors in patients with advanced stages of the disease. This development offers hope for those affected by cancer and could potentially revolutionize treatment methods in the future.

5. The global climate strike led by young activists has gained momentum, with millions of people around the world participating in protests to demand action on climate change. This movement highlights the growing concern over environmental issues and the need for immediate action to address the climate crisis.

Read more at Yahoo Finance: Why US success in Venezuela could cause trouble for Canadian oil producers