Discussion on alleviating the economic strain in the global oil markets was a focal point during the meeting between Prime Minister Mark Carney and Norwegian Prime Minister Jonas Gahr Støre in Oslo over the weekend.
The gathering followed a call by the International Energy Agency for its 32 member countries to release 400 million barrels of oil to stabilize markets that have been unsettled by tensions related to the U.S.-Israeli conflict with Iran.
Canada has committed to contributing 23.6 million barrels, as announced by Energy Minister Tim Hodgson on Friday.
While attending the Holmenkollen Ski Festival in Oslo, Carney emphasized Canada’s willingness to assist, despite not being obligated to do so due to not having a strategic oil reserve.
Highlighting Canada’s reliability as a low-risk producer of oil and natural gas, Carney stated, “We are low-risk producers of oil. We are low-risk producers of natural gas. We’re reliable.”
The U.S. has pledged to release 172 million barrels from its strategic petroleum reserve to support the IEA’s coordinated efforts. However, the U.S. decision to temporarily ease sanctions on Russia’s tanker fleet has drawn criticism, including from Carney and other G7 leaders.
Norway, a significant offshore oil producer, has not yet announced plans to increase production to meet the IEA’s request.
Oil prices have risen amidst concerns over tanker navigation in the Strait of Hormuz, fearing potential Iranian attacks.
Støre emphasizes the need to end Middle East conflict
In a joint statement following their meeting, Carney and Støre underscored their joint efforts to deliver affordable, secure, and sustainable energy and expressed their commitment to collaboration in various areas.
Støre, addressing the escalating conflict in the Middle East, stressed the urgency to halt the war, emphasizing that those involved must take responsibility for resolving it.
Carney echoed the sentiment, advocating for discussions to de-escalate and ultimately end hostilities, while emphasizing adherence to international law to protect civilian infrastructure and individuals.
Both Canada and Norway have committed to enhancing defense and security cooperation in the Arctic and space domains, as well as continuing their support for Ukraine against Russia.
Støre expressed optimism about the potential for deepening cooperation between the two countries in key areas such as energy, artificial intelligence, digital
