Trump-era policies raise Washington's oil role while Canada faces challenges

Venezuela holds more than 300 billion barrels of oil reserves, roughly double Canada's; Iran remained a top-ten producer in 2023 despite sanctions, according to the U.S. Energy Information Administration.

U.S. policy since President Trump's first term has influenced global oil flows and market access. Venezuela reports more than 300 billion barrels of oil reserves, which is roughly double Canada's. Iran's reported reserves are close to Canada's depending on the source, and a change in Iranian political conditions could bring more supply to markets. Despite sanctions, Iran was still listed as a top-ten producer in 2023 by the U.S. Energy Information Administration, while Venezuela's production fell and was not among the top producers. Key facts: - Venezuela is reported to hold more than 300 billion barrels of oil reserves, roughly double Canada's reserves. - Iran's reserves are reported as similar to Canada's, depending on the source. - Iranian and Venezuelan oil have been subject to substantial sanctions on and off for years, with escalation during President Trump's first term and sanctions remaining in place afterward. - The U.S. Energy Information Administration listed Iran as a top-ten producer in 2023 despite sanctions. - Venezuela's oil production fell to levels that removed it from top-producer lists as of recent reports. Summary: The size and accessibility of oil reserves in Venezuela and Iran, combined with longstanding sanctions and U.S. policy shifts, shape which supplies reach international markets and affect global supply options. Undetermined at this time.