Canadian oil production is set to increase by 140,000 barrels per day starting in April, according to the Natural Resources Minister’s office, a part of the International Energy Agency’s (IEA) plan to increase 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 part 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 increase in Canada oil is not a part of any emergency production. Instead, the additional 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, according to the Canada Energy Regulator, making the upcoming production jump a 2.6 per cent increase in Canadian supply.
Canada is the only G7 country that does not have emergency oil reserves but is not required to under IEA rules, due to being a net exporter of oil.
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Global crude oil prices have fluctuated wildly since the United States and Israel started 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 four 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 on a daily basis.
Those flows have all but vanished due to the war, with Iran having attacked some commercial vessels that attempted to travelling through the Strait of Hormuz and have likely started using underwater mines in the area, according to the United Kingdom’s defence minister.
–with files from The Canadian Press
This is hilarious we may have increased production. But Canada does not store oil nor does the government control increases. They only can cap production!
Misleading headline, there is no reserve to release it’s a production increase of an extra 140 million barrels. Global news and their fluffy propaganda.
Really
Perfect. I believe Alberta is making an extra 100 million a day with oil this high. That means the producers are making bank which in turn means my energy investments are doing well. Just trying to make lemonade JV.
We don’t have a ‘reserve supply’. This is so fake. Canada doesn’t ‘control’ production, do you people really believe this??
They shouldn’t even be able to fly the Canadian flag in Alberta these days
Lol it’s hilarious watching these Alberta separatists whine and cry about every little thing Carney does. Meanwhile if a Conservative politician did the same thing they’d be supporting the decision 100%. The far right in Canada are nothing more than a bunch of treasonous hypocrites
PP’s timing. He could have done Detroit a month ago, but he waits for the worst timing. Good thing Carney swapped some canola for our farmers.
PP in Detroit telling us to buy gas engines now that Hormu8z is totally blocked. And some wonder how he blew 28 points.
we dont have an oil reserve. And how are they going to ramp up production with all the caps and regulations in place?
This article is wrong to the point of being fraudulent. Carney’s government has no oil of their own and does not control how much is produced by private industry. Therefore Canada has nothing to “release”. Maybe it’s time that Global stopped just repeating Liberal press releases?
Alberta should split and leave this sinking trash country
“Instead, the additional barrels will come from already planned increases to production from Alberta’s oil sands.”
Standard Liberal announcement, announcing something that was already going to happen but make it sound like they actually did something good.
Liberals like the oil now!
Stand to make some money, I guess that’s why it is ok now for a push for oil. Carney can be “The Good Guy” in the New World Order!..which he is not!
Why isn’t Canada producing enough oil now for Canadians. I thought Carney said he wants Canada to be self sufficient in all things
Interesting we in Canada don’t have a strategic oil reserve . Do your homework people ! Stop lying to the public !
Gretta would be so disappointed. Didn’t our former Liberal PM announce Canada faced a climate emergency ? Thank goodness the Liberal”s replaced the Carbon Tax with the hidden industrial carbon tax along with a Clear Air Environmental tax
not gonna do much other than slow down the increase in gas prices slightly
When Joe Biden was President he released millions and millions of gallons of emergency oil because the price of gasoline in the USA skyrocketed and americans became darn angry. “Previous Major Release (2022): In 2022, President Biden ordered the release of up to 180 million barrels of oil—the largest in the reserve’s history—to combat rising fuel costs following the conflict in Ukraine, BBC.
Impact on Prices: The 2022 release reduced gasoline prices by 17 to 42 cents per gallon over four months, CNN.”
Just as long as it doesn’t go to the US
“Canada to release additional 140K barrels of oil per day starting in April”
It’s not Canada that’s releasing oil production, it’s Alberta, Saskatchewan, and Newfoundland and Labrador that are producing it. The rest of the country is getting the benefit of their resources and contributing nothing.
Will it drop the prices? Do the Liberal swine care!? Not a chance! They are all about vacays at this time. Carney is a fraud and a conman.
Carney is on vacation from his job charging Canadian citizens for his Brookfield travel and investments.
Mous for Canada. Equals nothing but debt for Canada. Brookfield Carneys company puts carbon 8n the ground lile liberals sweeping scandals under mountain carpet trillions money laundering Liberals.
CARNEY IS YOUR GOD
LONG LIVE THE LIBERALS
Will this increase of production lower prices for Canadians? Our oil does not come from the Middle East and should be lower in costs due to proximity to us.
Mister Ed, The Ayatollah drank the pure,sweet draught of U.S. firepower two weeks ago.
In fact he slammed it.
The new Supreme Leader is a cardboard statue.
Try and stay current, thanks
PP’s timing always is a month behind the news. He’s talking gas engines. Maybe wait until the Ayatollah opens that straight.
This is a drop in the ocean when it comes to the world’s oil supply. At least it is a token gesture by the Liberal Government to show that Canada wants to contribute to the world oil crisis caused by Trump’s reckless Iran war. It’s a step away from when Sock Boy let it slip he wanted to shutdown the oilsands 10 years ago.
Cool. Crank it out. lol…times flip on a dime. Carney seems to get stuff done. PP is in Detroit.
This is drop in the ocean. But at least it is a token something for the liberals to pretend to care about when it comes to the world oil supply. That’s an improvement from when Sock Boy let it slip that he wanted to shutdown the oilsands.
Oil companies wasted no time in applying the gouging factor.
$2.05 a litre Lower Mainland B.C. this morning
trump made the us vulnerable over things like the straight of hormuz mining just to delay further his files. Not right in the head. What was his exit plan?
How? We don’t have the capacity or stockpiles.
Interesting. Why have we not been doing so already? Canada needs to sell oil.
The big question is where is it going? Carney is saying India wants it. But we do not have any more capacity to export it. So it is probably going to/through the US. That gives them profits. Hmmm.
Lets have some in-depth to show it helping countries that are suffering because of the US and Isreal, not letting them profit from the war.