Canada has pledged to help stabilize global oil prices amid the ongoing conflict in the Middle East, following a coordinated plan by a group of nations to release oil from strategic reserves.
Tim Hodgson confirmed that Canada will “do its part” to contribute to the global oil supply, which he said would help lower prices for Canadians, though he did not specify the exact measures the country would take.
The International Energy Agency announced a release of 400 million barrels of oil from member nations’ stockpiles to address surging energy costs. Canada, as an IEA member and a net oil exporter, does not maintain a strategic petroleum reserve.
Global oil prices have risen due to disruptions of shipments through the Strait of Hormuz, where Iran has targeted commercial vessels in response to attacks by the United States and Israel.
Canada’s leadership is consulting with the energy industry on ways to support the IEA plan. Options include extending production periods and having refineries switch to Canadian oil to free up additional supply.
Officials in Alberta noted that even discussions of releasing reserves have helped ease price spikes. They stressed the need for infrastructure to move oil efficiently and meet global demand, especially in Asia and allied nations.
Hodgson emphasized that Canada’s reliability and environmental standards make it a trusted energy supplier. The country is also working to diversify export routes and accelerate projects through collaboration with Alberta and the federal Major Projects Office, enhancing its ability to respond to global energy needs.
