Global energy markets are facing significant volatility following disruptions in the Strait of Hormuz. In response, the 32 member countries of the International Energy Agency (IEA), including Canada, have agreed to a co-ordinated release of oil stocks to help stabilize energy markets and supply around the world. This represents the largest-ever oil stock release in the IEA's history.
Canada meets our IEA responsibilities through our role as a major producer and exporter of oil to the world. We are the world's fourth-largest oil supplier and the largest within the IEA. We will support this collective action with 23.6 million Canadian barrels, produced by our industry and co-ordinated with the federal and provincial governments. Our natural gas exports will also expand in the coming months, providing additional fuel to allies around the world.
More world-class Canadian energy exported around the world will support global market supply, which should help alleviate price increases Canadians are feeling at the pump. The Government of Canada, our provincial partners and our industry are firmly committed to a Team Canada approach to short- and long-term energy security and affordability, market stability and global co-operation.
