Wedoany.com Report, On March 13 local time, Canadian Minister of Energy and Natural Resources Tim Hodgson stated that Canada will release 23.6 million barrels of oil reserves. This is part of a coordinated action by the International Energy Agency (IEA) aimed at stabilizing global energy market supply.

In a statement, Tim Hodgson indicated that the closure of the Strait of Hormuz has led to significant volatility in the global energy market. In response to this situation, the 32 member countries of the International Energy Agency, including Canada, have agreed to coordinate the release of oil inventories to help stabilize the global energy market and supply. Canada will release 23.6 million barrels of oil produced by its domestic petroleum industry to support this collective action.

Tim Hodgson also stated: "In the coming months, Canada's natural gas exports will also expand, providing more fuel to allies around the world and supporting global market supply." This move indicates that Canada aims to inject more stability into the global market by increasing energy supply.

This reserve release is one of the steps taken by IEA member countries to collaboratively respond to changes in the energy market. As an IEA member, Canada is participating in this effort, taking measures alongside other countries to alleviate potential supply pressures caused by disruptions to key shipping routes. In the coming months, the enhancement of Canada's natural gas export capacity is also expected to have a corresponding impact on the global energy supply chain.