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Canada will ‘do its part’ to help IEA release of oil reserves: Hodgson

On March 11, 2026, Natural Resources Minister Tim Hodgson said Canada will 'do its part' to support the IEA's oil release, though he did not specify how.
The IEA agreed to release 400 million barrels from member stockpiles, marking the largest reserve release since the International Energy Agency's 1974 founding.
Discussions with industry focus on measures such as delaying downtime or asking refineries using imported oil to switch to domestic crude, Hodgson said Canada expects to provide more details in the next day or two.
That move should bring prices down for Canadians, as Ottawa says contributing to the IEA release will help add to global supply.
The war in the Middle East has halted shipments through the Strait of Hormuz, where Iran has attacked commercial ships and the IEA released 182.7 million barrels in 2022.

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