US EditionCanada supplying 23.6 million oil barrels under IEA release plan
Canada will supply 23.6 million barrels as part of the IEA's largest-ever 400 million barrel release to counter Middle East conflict disruptions, the agency said.
- On March 13, 2026, the Government of Canada committed to supply 23.6 million barrels as part of an IEA release to stabilize markets.
- In a coordinated move, the IEA announced earlier this week it would make 400 million barrels available, the largest release in its history, among its 32 members.
- The federal government said extra barrels will be produced by Canadian oil producers and coordinated with federal and provincial governments, using options like delaying maintenance and Trans Mountain pipeline at 90 per cent capacity.
- Shipping disruptions through the Strait of Hormuz have caused tanker traffic to nearly vanish, while crude prices surged near US$120 per barrel this week, with the April WTI contract up US$2.98 at US$98.71 on Friday.
- With significant reserve holdings, IEA member countries hold more than 1.2 billion barrels of emergency stocks, underpinning the effort to stabilize markets, as the United States plans to pull 172 million barrels from its Strategic Petroleum Reserve over 120 days.
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Canada to Put 24 Million Barrels of Oil Toward IEA Effort
(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.
Prime Minister Mark Carney states that exporting countries such as Canada do not need to have reserves, following the announcement by his Minister of Energy that the country would provide 23.6 million barrels of oil under the International Energy Agency (IEA) plan to support energy markets affected by the war in Iran.
Global households under strain as Iran war sparks historic oil shock
The ongoing US-Israeli war with Iran is exerting heavy economic pressure on global markets and households as severe restrictions on the Strait of Hormuz disrupt energy supplies, triggering what the International Energy Agency (IEA) says is the largest oil supply shock in history.The strategic waterway, through which roughly 25% of global seaborne oil trade passes, has become a key flashpoint since the US and Israel launched a military campaign a…
"The biggest release ever achieved": Canada releases 23.6 million barrels of oil.
The International Energy Agency is trying to stabilize energy markets as the war in the Middle East continues.
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