Prime Minister Mark Carney does not believe the Canadian oil industry will be affected by recent events in Venezuela.

The country is believed to be sitting on some of the biggest oil reserves in the world, and the seizure of the Venezuelan President and his wife by U.S. forces this week has raised questions about the prospect of increased Venezuelan oil production.

Carney told reporters in Paris that Canadian oil will remain competitive regardless of what happens next.

“Canadian oil will be competitive, because it will be low-risk, low cost…and low carbon which is what the pathways project carbon capture will bring. And that makes Canadian oil competitive for the medium and long-term.”