Canadian oil stocks fall after U.S. takes control of Venezuela's crude reserves

Canadian oil stocks fell sharply after the U.S. announced it had taken control of Venezuela's crude reserves, which the U.S. EIA reports at about 303 billion barrels.

U.S. officials announced they had taken control of Venezuela's crude oil reserves. Canadian oil company shares declined sharply after the announcement. The U.S. Energy Information Administration reports Venezuela holds about 303 billion barrels of crude. The reporting did not specify the next formal legal or procedural steps. Key reported facts: - U.S. authorities were reported to have taken control of Venezuela's crude reserves. - Canadian oil stocks fell sharply in response to the announcement. - Venezuela is reported to hold about 303 billion barrels of crude, roughly 17% of global reserves, per the EIA. - Next steps or formal procedures were undetermined at this time. Summary: The reported U.S. control of Venezuelan crude coincided with a marked drop in Canadian oil shares, reflecting market reaction to a potential shift in supply sources. Reporting notes the size of Venezuela's reserves but does not detail subsequent legal or policy actions. Undetermined at this time.