Canada will release 23.6 million barrels of oil reserves

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2026-03-20 14:29:01

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△Tim Hodgeson (File Photo)

On the 13th local time, Canada’s Minister of Energy and Natural Resources, Tim Hodgeson, announced that Canada will release 23.6 million barrels of oil reserves.

Tim Hodgeson stated that the closure of the Strait of Hormuz has caused significant fluctuations in the global energy markets. To address this situation, 32 member countries of the International Energy Agency (IEA), including Canada, have agreed to coordinate the release of oil stocks to help stabilize global energy markets and supplies. Canada will release 23.6 million barrels of oil produced by its oil industry to support this collective action.

Additionally, he mentioned that in the coming months, Canada’s natural gas exports will also be expanded to provide more fuel to allies around the world, supporting global market supply. (CCTV Reporter Zhao Miao)

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