EDITORIAL: Canada affected by global oil uncertainties
Published 5:00 am Wednesday, March 11, 2026
Two U.S. military operations, both involving oil-producing regions, are pushing the world to a state of heightened uncertainty.
In late February, the U.S. launched Operation Epic Fury, a military operation into Iran. Not two months earlier, near the start of this year, Operation Absolute Resolve impacted Venezuela.
In Venezuela, U.S. troops captured Venezuelan president Nicolás Maduro and his wife Cilia Flores, and transported them to New York to face trial.
Venezuelan vice-president Delcy RodrÃguez was sworn in as acting president.
After the initial U.S. action in Iran in late February, the country’s state news media confirmed that Ali Khamenei, supreme leader of Iran, was killed.
These incidents have both heightened international tensions.
They are also affecting the supply of oil around the world.
The Strait of Hormuz, near Iran, affects roughly 20 per cent of global oil shipments each day. Anything affecting the movement of oil in this area will be felt around the world.
And, while Venezuela is not a top producer of oil, the country has more proven oil reserves than any other country. Venezuela has a lot of potential as an oil superpower.
When two significant oil regions are affected by recent military operations, Canada — a significant energy producer — could find itself in a precarious position.
The world depends on energy, and Canada has a major role in energy supply and production.
Canada ranks fifth in the world in proven oil reserves, behind Venezuela, Saudi Arabia, Iran and Iraq. The country also ranks fourth in the world in oil production, behind the U.S., Saudi Arabia and Russia.
In addition, Canada ranks fifth in terms of natural gas production and third in hydroelectric power generation.
Add to this the fact that Canada is a stable democracy, and Canadian energy looks even more attractive.
This could also result in pressures being put on Canada as a way to access or control this country’s oil supply. Put simply, what has been happening in Venezuela and what is continuing to happen in Iran, while both far from us, will be felt in this country as well.
The world is in a state of upheaval at present.
For Canada, wise leadership and careful thought will be needed to navigate in uncertain times.
– Black Press Media