Theoretically. The actuality of it is very different though. Their oil is difficult for them to acquire and its processing costs are much higher than competitors such as Iraq or Saudi Arabia (or US shale). Their Orinoco Belt oil sands - which holds most of their reserve - would be challenging for the US or Canada to maximize the value of; they basically stand no chance at utilizing it without much higher levels of domestic development/capability (or without fully outsourcing its development).