March 16, 2026 [Reuters]- Canada will support the International Energy Agency’s oil release with 23.6 million barrels from domestic producers, Energy Minister Tim Hodgson said on Friday, meeting the target largely through already planned production.
The IEA on Wednesday agreed to release a record 400 million barrels of oil from strategic stockpiles held by member nations to combat a spike in prices since the start of the U.S.-Israeli war on Iran.
Canada lacks a strategic oil reserve of its own, as it is a net exporter of crude. An oil industry lobby group said this week there was little it can do to increase crude production in the short term.
But Canadian oil and gas producers achieved a record 5.3 million barrels per day of crude oil in 2025, according to the Canada Energy Regulator, and are expected to exceed that in 2026.
The country can meet its IEA commitment through already planned production increases, said a senior source with Canada’s Department of Natural Resources.
The source said the Canadian government has spoken to the country’s oil and gas sector, which confirmed it can meet this target.
“The IEA has said countries have 90-180 days. And Canada will meet that,” the source said.
This week, Hodgson said the government was speaking to the country’s oil producers about delaying planned maintenance projects at oil sands facilities in order to temporarily increase output, as well as asking Canadian refineries that are using imported oil to use more domestic oil, in order to free up supply in other regions.
“Our natural gas exports will also expand in the coming months, providing additional fuel to allies around the world,” Hodgson said on Friday.
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