Trump claims to receive Venezuelan oil, causing Canadian oil prices to plummet

According to Odaily, after U.S. President Trump announced that Venezuela would "transfer" up to 50 million barrels of oil to the United States and sell it at market price, the price of Canadian crude oil on the U.S. Gulf Coast plummeted. Data from Modern Commodities shows that Canadian "Cold Lake" crude oil (a type of crude similar to Venezuelan heavy crude) traded at a discount of $8.50 per barrel to the monthly average price of WTI crude on Wednesday, compared to a discount of $6.80 per barrel on Tuesday. According to Link Data Services, if the closing price for the day is close to this level, it will be the largest discount since the end of 2023. In Alberta, Canada, the discount for heavy crude oil widened from $13.90 per barrel to $14.10 per barrel.