Venezuela's oil is also of poorer quality than its Saudi equivalent. Its sour, heavy crude is difficult to extract and refine, while its high sulphur content makes it corrosive to pipelines. A resurgence of Venezuela's industry could pose problems for Canada, which produces similarly viscous oil and exports much of it to the US, but analysts reckon the risk is minor.
Mortgage rates have dropped under 6% for the first time since 2022.
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His comments, made last Friday, came after US Energy Secretary Chris Wright completed a two-day trip to Venezuela to see how the nation is starting to reopen its oil sector to US companies.
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