China’s refiners, all but cut off from Venezuelan crude in the past week as the US positions itself for access to the world’s largest oil reserves, are eying a pricier alternative source — Canada.

Experts say that while Venezuelan oil is similar to crude produced in Canada, it will take some time before the South American country's industry could compete.

Canada and Venezuela compete in the same heavy-oil regional and global markets, so shifts in supply from Canada to Venezuela would widely reverberate across the Canadian economy.

The complex political situation in Venezuela could harm new investments and will likely keep big oil on the sidelines while the new Venezuelan oil power players emerge.

Energy experts say President Donald Trump’s push to revive Venezuela’s oil market boosts the United States' leverage with China, while putting Canada at a disadvantage.

U.S. oil producers already reeling from low oil prices are facing renewed pressures, as President Donald Trump pushes them to boost output in Venezuela - a move that would weaken the oil market, cut revenues and hurt industry at home.

President Donald Trump is meeting with oil executives at the White House on Friday in hopes of securing $100 billion in investments to revive Venezuela’s ability to fully tap into its expansive reserves of petroleum — a plan that rides on their comfort in making commitments in a country plagued by instability,

Venezuela's state-run oil company PDVSA ‌said ​on Wednesday it is ‌progressing in negotiations with the United States for oil sales, ​as a board member for the company told Reuters the U.S. will need to ‍buy cargoes at international prices.