US EditionCarney says Canada a reliable oil exporter with moves to increase production
Canada will increase oil production and natural gas exports to supply 23.6 million barrels as part of a 400 million barrel coordinated release by International Energy Agency members.
- On Saturday, Prime Minister Mark Carney visited Holmenkollen, Norway, to meet Norwegian Prime Minister Jonas Gahr Store during the International Ski Federation Nordic World Cup.
- Addressing global supply chain disruptions from the war in Iran, Carney affirmed Canada will increase oil production to meet International Energy Agency commitments as a reliable exporter.
- The $14 billion Bay du Nord project was discussed with Equinor, with Carney noting it will provide "very low carbon oil in terms of production and transportation" to market.
- Shipping giant Maersk, handling about 15 per cent of global container traffic, and Landsvirkjun, Iceland's national energy company, held separate meetings with Carney to explore economic cooperation.
- Leaders from Denmark, Finland, Iceland, and Sweden—the Nordic Five—are scheduled to meet Carney and Store on Sunday to strengthen Atlantic economic foundations and discuss energy security.
19 Articles
19 Articles
Governments of OECD countries have pledged to make available 271.7 million barrels of oil from state reserves, 116.6 million barrels from mandatory industry reserves and 23.6 million barrels from other sources.
The International Energy Agency (IEA) has stated that oil supplies from its emergency reserves will soon begin to reach the global market. Of the total release, 72 percent will be crude oil and 28 percent will be oil products. Governments have committed to providing 116.6 million barrels from industry reserves and 271.7 million barrels from their own reserves. Countries in the Americas will contribute 172.2 million barrels. Oil from Asia and Oce…
US-Israel, Iran conflict: IEA says over 400 million barrels of emergency oil to start flowing soon amid tensions
The IEA is releasing 400 million barrels of emergency oil to global markets as the US-Israel conflict with Iran disrupts supplies. Member countries in the Americas, Asia Oceania, and Europe will provide government and industry stocks. The move aims to calm markets after crude hit $120/barrel.
Carney, Norway PM push message of oil-market stability as war in Middle East rattles global supply
Prime Minister Mark Carney and Norway’s Jonas Gahr Støre stressed energy stability during talks in Oslo as the Middle East war rattles global oil markets. Canada will release 23.6 million barrels following an International Energy Agency call for coordinated action. Both leaders also urged de-escalation and pledged closer Canada-Norway cooperation on Arctic security.
Canada to put 24 million barrels of oil toward IEA effort
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.
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