Canada will release 23.6 million barrels of oil as part of a coordinated action by members of the International Energy Agency (IEA) to stabilize global energy markets following disruptions in the Strait of Hormuz.
In a statement posted on social media platform X, Canada's Energy Minister Tim Hodgson said that Canada is the world's "fourth-largest oil supplier and the largest within the IEA."
"Canada meets our IEA responsibilities through our role as a major producer and exporter of oil to the world," he said.
"We will support this collective action with 23.6 million Canadian barrels produced by our industry and coordinated with the federal and provincial governments," he added.
The minister also said Canada plans to expand its natural gas exports in the coming months, providing additional fuel to allied countries and supporting global market supply.
Hodgson noted that increased Canadian energy exports are expected to help ease price pressures and support market stability amid heightened volatility in global energy markets.
By Humeyra Ayaz
Anadolu Agency
energy@aa.com.tr
