Canadian crude is a reasonable substitute for Venezuelan crude given that they’re both heavy crude types and (some) Gulf refiners are configured to refine heavy crude oil. In that sense reduction in imports from Venezuela could be highly positive for Canadian oil producers, says Ivey's Guy Holburn.
In this article Guy Holburn points out that Canada currently accounts for about 30 per cent of U.S. oil imports and is the largest single provider in terms of U.S. oil imports.