Canada Pledges 23.6 Million Barrels to IEA’s Record Oil Stock Release

Overview

• Canada committed 23.6 million barrels to a coordinated International Energy Agency action intended to steady energy markets.
• The IEA plan totals 400 million barrels, described as the largest stock release in the agency’s history and agreed by 32 member countries.
• Ottawa did not specify delivery mechanics, saying the barrels will be produced by industry and coordinated with federal and provincial governments.
• The minister’s office said Canadian natural gas exports will rise in the coming months, with no details on timing or volumes.
• The action follows war-related interruptions at the Strait of Hormuz that pushed crude toward recent highs, with West Texas Intermediate at $98.71 on Friday after nearing $120 earlier in the week.