Canada to Put 24 Million Barrels of Oil Toward IEA Effort

Article content(Bloomberg) — Canada will supply 23.6 million barrels of oil and ramp up natural gas exports in the coming months as part of an international effort to help stabilize energy markets being upended by the Iran war, Energy Minister Tim Hodgson said.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentThe move will support a wider action of 400 million barrels being released by 32 member countries of the International Energy Agency, Hodgson said on Friday in a statement on X.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentCanada, the world’s fourth-biggest oil supplier and second-largest within the IEA, does not hold a strategic petroleum reserve like the US. The country’s support will come from planned production, according to a government official familiar with the matter.Article contentArticle contentThe Middle East conflict has effectively closed the Strait of Hormuz in the Persian Gulf and is preventing oil and gas from leaving the region, sending prices soaring in what the IEA calls the biggest oil market disruption in history. On Friday, Brent crude settled above $100 a barrel for the second straight day, ending at the highest level in more than three years.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentCanada has been exploring its options to boost supply, for instance by delaying planned maintenance activities, Bloomberg News reported on Wednesday.Article contentPrime Minister Mark Carney said the 23.6 million barrels represent upcoming exports from Canadian companies. The country has some “margin to maneuver” but it’s constrained by pipeline capacity and is looking to boost investment in its oil industry, including by supporting the government of Alberta’s proposal for a new west-coast pipeline, he said.Article contentSpeaking in Holmenkollen, Norway, Carney said he had a good conversation with Equinor ASA executives earlier Saturday. The company is considering a major offshore oil development known as Bay du Nord off Canada’s east coast, which Carney described as “a very attractive project.” Article contentArticle contentEquinor has set a target of making a final investment decision in 2027, according to its website. Article content“Listen, the oil market is tight. That’s the reality,” the prime minister said. “In a tight market, the last thing you need is to have more problems. And Canada is part of the solution in that regard.”Article contentThe US plans to release 172 million barrels from the country’s emergency reserve, which will take about 120 days to fully deliver the oil.Article content(Updates with Carney’s comments beginning in the sixth paragraph. An earlier version was corrected to indicate that Canada is the second-largest oil supplier among IEA members.)Article contentTrending Garry Marr: The pros and cons of doling out inheritance with a warm hand Family Finance Bank of Canada more likely to cut than hike after 'brutal' jobs report, say economists Economy Canadians’ average wealth hit $1.07 million, but what’s driving net worth depends on your age, province and bracket Wealth This TSX stock has 30% upside on the company's $11 billion project backlog, analyst says Investor Posthaste: Oil supply shock could force the Bank of Canada's hand yet News Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. Garry Marr: The pros and cons of doling out inheritance with a warm hand Family Finance Bank of Canada more likely to cut than hike after 'brutal' jobs report, say economists Economy Canadians’ average wealth hit $1.07 million, but what’s driving net worth depends on your age, province and bracket Wealth This TSX stock has 30% upside on the company's $11 billion project backlog, analyst says Investor Posthaste: Oil supply shock could force the Bank of Canada's hand yet News