Disturbances in the Strait of Hormuz: Canada to Supply 23.6 Million Barrels of Oil
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Canada will supply 23.6 million barrels of oil as part of the International Energy Agency’s (IEA) decision to release some of its oil reserves, announced Canadian Minister of Energy and Natural Resources, Tim Hodgson, on Friday.
The global energy markets are facing “significant” instability following disruptions in the Strait of Hormuz, the minister emphasized in a written statement.
“We will support this collective action by providing 23.6 million barrels of Canadian oil produced by our industry, in coordination with the federal and provincial governments,” he stated.
“Our natural gas exports will also increase in the coming months, allowing us to provide more fuel to our allies around the world,” Hodgson added.
IEA member countries have decided to unlock a significant portion of their strategic oil reserves to address the surge in prices caused by the conflict in the Middle East.
“IEA countries will make 400 million barrels of oil […] available to the market to offset the supply loss due to the effective closure of the Strait of Hormuz in the Gulf,” announced IEA Executive Director Fatih Birol.
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