Canada will contribute 23.6 million barrels of oil to the largest coordinated emergency stock release in the history of the International Energy Agency, Minister of Energy and Natural Resources Tim Hodgson announced Friday.
The release comes in response to significant disruptions in the Strait of Hormuz, which have sent volatility rippling through global energy markets. All 32 IEA member nations are participating in the coordinated effort, with Canada’s contribution drawing on domestic production coordinated between the federal government and provincial partners.
In a statement released March 13, Minister Hodgson said:
“Global energy markets are facing significant volatility following disruptions in the Strait of Hormuz. In response, the 32 member countries of the International Energy Agency (IEA), including Canada, have agreed to a co-ordinated release of oil stocks to help stabilize energy markets and supply around the world. This represents the largest-ever oil stock release in the IEA’s history.
Canada meets our IEA responsibilities through our role as a major producer and exporter of oil to the world. We are the world’s fourth-largest oil supplier and the largest within the IEA. We will support this collective action with 23.6 million Canadian barrels, produced by our industry and co-ordinated with the federal and provincial governments. Our natural gas exports will also expand in the coming months, providing additional fuel to allies around the world.
More world-class Canadian energy exported around the world will support global market supply, which should help alleviate price increases Canadians are feeling at the pump. The Government of Canada, our provincial partners and our industry are firmly committed to a Team Canada approach to short- and long-term energy security and affordability, market stability and global co-operation.”
The announcement positions Canada as a central stabilizing force in the allied response to the crisis. With natural gas exports also set to expand in the coming months, Ottawa is signalling that Canadian energy will play a sustained role in shoring up supply chains for allied nations facing the downstream effects of Hormuz disruptions.
For Canadians who believe their country has more to offer the world than it is often given credit for, today is a reminder that they are right.
Spencer Fernando
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