Canada supports IEA oil release with 23.6 million barrels

Canada has committed to supporting the International Energy Agency’s (IEA) global oil release with 23.6 million barrels from domestic producers. Energy Minister Tim Hodgson announced the move on Friday, stating that the target would be met primarily through production increases that were already scheduled. The IEA recently reached an agreement to release a record 400 million barrels of oil from strategic stockpiles held by member nations to address a price spike triggered by the conflict involving the United States, Israel, and Iran.

Because it is a net exporter of crude, Canada does not maintain a strategic oil reserve of its own. While industry groups previously noted limited capacity for short-term production hikes, the Canada Energy Regulator reported that domestic oil and gas producers achieved a record 5.3 million barrels per day in 2025, with output expected to grow further in 2026. A senior source with the Department of Natural Resources confirmed that the government has consulted with the energy sector, which indicated it can fulfill the commitment within the IEA's required 90-to-180-day window.

To facilitate the release, Hodgson stated that the government is discussing the potential deferral of planned maintenance at oil sands facilities to temporarily increase output. Additionally, the government is asking Canadian refineries that currently utilize imported oil to switch to domestic supplies, thereby freeing up global supply for 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.