March 1, 2022 Ottawa, Ontario Natural Resources Canada
Canada is steadfast in its support for the sovereignty and territorial integrity of Ukraine. We are prepared to act jointly with partner International Energy Agency (IEA) countries to maintain security of supply in energy markets.
Today, the Honourable Jonathan Wilkinson, Minister of Natural Resources, joined an Extraordinary Meeting of the Governing Board to the International Energy Agency to discuss the global energy market situation following Russia's invasion of Ukraine. The Minister was joined by Dr. Fatih Birol, Executive Director of the IEA, U.S. Secretary of Energy Jennifer Granholm as IEA Ministerial Chair, along with Ministers and representatives from IEA Member countries and the European Commission.
Together, they collectively signalled their solidarity and resolve with the people of Ukraine against the unprovoked attack on Ukraine, emphasizing President Putin's unacceptable use of energy as a weapon.
The IEA's Executive Director, Dr. Birol, updated Ministers on the IEA's ongoing analysis to examine the impact of Russia's invasion of Ukraine on global energy markets, noting that Russia plays an outsized role in global oil markets as the world's third-largest producer and is a significant supplier of natural gas to Europe. Dr. Birol underscored the imperative of stabilizing global energy markets and commended the swift and definitive efforts of IEA members to this end, including blocking Russia from the SWIFT payment system.
Minister Wilkinson strongly condemned Russia's actions that wholly breach international law. He offered unwavering support to Ukraine and its people and, solidarity with IEA action, and he shared Canada's intention to ban Russian crude oil imports.
The Ministers have agreed to adopt an initial coordinated emergency stock draw plan to release 60 million barrels of oil from emergency reserves to the market and requested that the IEA determine members' voluntary contributions to the emergency stock draw. The Ministers have also agreed to reinforce global dialogue with gas-producing countries, including IEA Members, to ensure secure, affordable and reliable gas supplies.
Looking ahead to the IEA Ministerial (March 23-24, 2022), the Ministers noted this crisis reinforces the urgency of the energy transformation to realize net-zero and enhance each nation's energy independence.
Link:
International Energy Agency's Statement
