March 13,2026
RED FM News Desk
The Canadian Press has reported that Canada has pledged to supply 23.6 million barrels of oil as part of a coordinated plan by the International Energy Agency to stabilize energy markets amid the ongoing war in the Middle East.
The commitment was announced shortly after Tim Hodgson said Canada would help lower global oil costs. The IEA’s 32 member countries have agreed to release oil from their reserves in what officials describe as the largest coordinated stock release in the agency’s history.
Global oil prices have surged as the conflict has disrupted shipments through the Strait of Hormuz, a key passageway that carries about one-fifth of the world’s oil supply. Canada also says its natural gas exports are expected to expand in the coming months.
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