Canada in Talks With Oil Sector on Releasing Reserves to Support IEA

The Canadian government has asked oil companies to release some of their reserves to support the International Energy Agency’s plan to inject 400 million barrels of stockpiled oil into the market.

Canada doesn’t maintain a strategic petroleum reserve because it’s an oil-exporting nation, but companies do hold inventories that have been tapped before, including after Russia’s invasion of Ukraine in 2022, said Charlotte Power, spokesperson for Energy Minister Tim Hodgson.