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Venezuela Won’t Displace Canada — Yet

Canada’s oil story is not ending, but it is getting riskier as Washington talks and acts like Venezuelan crude could be steered toward US refineries that currently run Canadian barrels.

Pundits described a US military raid inside Venezuela to capture President Nicolás Maduro as an oil-driven intervention, arguing the US is no longer pretending it will not benefit directly from Venezuela’s oil industry. This connects to President Donald Trump’s earlier statement that Venezuela must “return to the US all of the Oil” and his order for “A TOTAL AND COMPLETE BLOCKADE OF ALL SANCTIONED OIL TANKERS” going into and out of Venezuela.

You can read more on the matter here.

What’s going on?

• Does Venezuela Really Have 300 Billion Barrels of Oil? (theDeepDive)

• U.S. strike on Venezuela puts China’s Taiwan saber-rattling in focus (CNBC)

• Trump Promised to Ramp Up Venezuela Oil — Instead, Production Is Being Cut (theDeepDive)

• Ontario court rules Doug Ford must turn over personal phone records (Global)

• Saks Global Misses Debt Payment, Prepares for Bankruptcy Filing (theDeepDive)

• Maduro pleads not guilty to drug trafficking, terrorism and weapons charges (Globe)

• Drake, Stake Face Federal Racketeering Lawsuit Over Alleged Gambling Scheme (theDeepDive)

• Gov. Tim Walz Drops Re-Election Bid in Wake of Minnesota Fraud Scandal (WSJ)

• Russia Demands US Stop Pursuing Bella 1 After Registering Tanker as ‘Marinera’ (theDeepDive)

What’s the latest?

• Oil: Canadian oil stocks fell sharply after U.S. forces captured Venezuela’s President Nicolás Maduro, raising concerns about future oil supply dynamics. Canadian Natural (-8%), Cenovus (-8.7%), and Suncor all dropped in early trading. Markets are reacting to the possibility that U.S. oil firms could help revive Venezuela’s large but degraded oil sector, increasing long-term global supply.

• Ozempic: Canada is moving closer to generic semaglutide (Ozempic/Wegovy), with 9 submissions under Health Canada reviewas patents expire. Generics are expected to be cheaper than brand-name drugs, though final pricing and pharmacy availability remain unknown. Broader access could impact 1 in 3 Canadian adults with obesity, but experts stress medication alone won’t solve the problem.

• Market: Canada’s TSX rose +344 points to 32,227.88, led by base metals, financials, and tech, despite weakness in energy stocks tied to Venezuela developments. U.S. markets also advanced, with the Dow +712 points, S&P 500 +55, and Nasdaq +218. Commodities were higher, with oil at US$58.21 (+$0.89) and gold at US$4,452.70 (+$123.10), while the Canadian dollar eased to 72.70 US cents.

• Politics: Volodymyr Zelenskyy appointed Chrystia Freeland as an unpaid adviser on economic development, citing her experience in investment and economic reform. Canada has provided $23.5B+ to Ukraine since 2022, and Freeland was already named by Mark Carney as Canada’s special representative for Ukraine’s reconstruction. Conservative MPs argue the role creates a conflict of interest while she remains an MP, though the Conflict of Interest Act does not explicitly bar advising a foreign government.

• Tariffs: Donald Trump warned the U.S. could raise tariffs further on India if it does not curb purchases of Russian oil, after Washington already lifted tariffs on Indian goods to 50%. Indian IT stocks fell ~2.5% on the news, while U.S. lawmakers are floating penalties of up to 500% tariffs on countries buying Russian crude. India has reduced but not halted Russian oil imports, leaving trade talks unresolved as exports to the U.S. fell 20%+ (May–Nov 2025) despite a November rebound.

How Silver Mining Executives Are Actually Made

The stock market and stuff

• Vale Indonesia Suspends Nickel Mining Operations Pending Government Approval (theDeepDive)

• Why $100 Silver Right Now Would Be a Problem | Keith Neumeyer – First Majestic (theDeepDive)

• Hedge funds profit as Venezuela’s bonds surge (FT)

• Why Industrial Demand Is Changing the Silver Market | David Morgan (theDeepDive)

• Northwest Territories Diamond Industry Faces Economic Reckoning as Mines Near Closure (theDeepDive)

• Gold and Silver Delivery Is Exposing the Paper Market | Andy Schectman (theDeepDive)

In the juniors

• Nord Precious Metals Acquires Gowganda Silver Tailings Project, Securing Feedstock For Silver Processing Strategy (theDeepDive)

• The Court Ruling And What Emerita Still Has In Play | David Gower – Emerita Resources (theDeepDive)

• The Paper Price Is Finally Being Forced To Match Physical Silver | Shawn Khunkhun & Rick Van Nieuwenhuyse (theDeepDive)

• Canadian Copper Expected To Close On Caribou Processing Complex Acquisition In Q1 (theDeepDive)

FULL DISCLOSURE: Cardiol Therapeutics is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Cardiol Therapeutics. The author has been compensated to cover Cardiol Therapeutics on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.