The Globe and Mail reports in its Monday edition that President Donald Trump has struck a deal with Venezuela for its oil reserves, signalling a warning to Canada amid the trade war. The Globe's Olivia Grandy writes that on Sunday, Mr. Trump shared a link claiming the Venezuela deal, giving the United States majority control of its oil reserves, puts "Canada on notice." Experts say the deal could force Canadian crude to compete barrel-for-barrel with Venezuela's product over the years to come. The President announced that reserves will be used to refill the Strategic Petroleum Reserve, which are significantly depleted. Venezuela's acting President Delcy Rodriguez announced a "25-year bilateral project" with the U.S. aimed at developing new oil fields and increasing production targets. Commodity Context analyst Rory Johnston calls Mr. Trump's claim that the deal will amount to 65 billion barrels coming under U.S. control a "red herring. ... Despite Venezuela having these massive claimed reserves, they currently produce only about a million barrels a day." In comparison, Canada produces over 5.3 million barrels of crude oil a day. This shift will likely result in "slightly worse oil prices for Canada," Mr. Johnston said.