Canadian oil production is ready to extend by 140,000 barrels per day starting in April, in accordance with the Natural Resources Minister’s office, a component of the International Energy Agency’s (IEA) plan to extend oil supply impacted by the war in Iran.
On late Friday, Natural Resources Minister Tim Hodgson promised that Canada would contribute 23.6 million barrels as a component of the IEA’s plan to have oil-producing countries release an unprecedented 400 million barrels.
The Natural Resources Minister’s office told Global News the rise in Canada oil isn’t a component of any emergency production. As an alternative, the extra barrels will come from already planned increases to production from Alberta’s oil sands.
Canada produced on average 5.3 million barrels per day of crude oil in 2025, in accordance with the Canada Energy Regulator, making the upcoming production jump a 2.6 per cent increase in Canadian supply.
Canada is the one G7 country that doesn’t have emergency oil reserves but isn’t required to under IEA rules, attributable to being a net exporter of oil.
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Global crude oil prices have fluctuated wildly for the reason that United States and Israel began bombing Iran on Feb. 28. At one point, global crude prices briefly surged past US$120 per barrel, levels not see since Russia first invaded Ukraine 4 years ago.
Iran sits on the north side of the Strait of Hormuz, a strategically vital waterway that typically had 20 per cent of the world’s oil supply travel through it each day.
Those flows have all but vanished attributable to the war, with Iran having attacked some business vessels that attempted to travelling through the Strait of Hormuz and have likely began using underwater mines in the realm, in accordance with the UK’s defence minister.
–with files from The Canadian Press
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