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OTTAWA — Natural Resources Minister Tim Hodgson said Wednesday Canada will “do its part” to lower the cost of oil globally as a bloc of nations looks to tame the surge in energy prices triggered by the war in the Middle East.
The International Energy Agency — an intergovernmental organization representing dozens of countries, including Canada — announced Wednesday it has agreed to release 400 million barrels of oil from member nations’ stockpiles.
Hodgson said Wednesday Canada will support those efforts but didn’t said what form that would take.
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“Canada will do its part to contribute to the world’s (oil) supply. That will bring prices down for Canadians. That will keep prices affordable for Canadians,” he told reporters on his way out of the Liberal caucus meeting.
Hodgson said Canada is in discussions with its energy industry to determine how to support the release and he expects to say more in the next day or two.
Canada’s oil industry is already producing at capacity, Hodgson said, but options include delaying downtime or asking refineries working with imported oil to switch to domestic alternatives to free up supply elsewhere.
Global oil prices have been spiking because the war in the Middle East has shut down oil shipments through the critical Strait of Hormuz, where a fifth of the world’s global oil supply transits.
Iran has attacked commercial ships in the Persian Gulf region and has essentially blockaded the Strait of Hormuz in response to attacks by the United States and Israel.
The Paris-based IEA is planning its largest-ever release of reserves since the organization was founded in 1974. In 2022, the organization released 182.7 million barrels of oil to address the energy shock in the wake of Russia’s full-scale invasion of Ukraine.
Hodgson said he is receiving calls from countries interested in Canadian oil, liquefied natural gas and uranium. He did not name the countries.
Hodgson argued that Canada’s reputation for reliability and sound environmental protections makes it an attractive energy supplier.
“What we’re seeing today is, energy security is national security. Our allies don’t have national security right now. We have an opportunity to step up,” he said.
— with files from Nick Murray and The Associated Press
