Canada has capacity to increase oil and gas exports by up to 300,000 barrels per day (bpd) in 2022 to help improve global energy security following Russia’s invasion of Ukraine, Natural Resources Minister Jonathan Wilkinson said in a statement on Thursday.
Wilkinson was in Paris for a meeting at the International Energy Agency (IEA) headquarters, where the United States and allies discussed ways to help calm volatile oil markets.
Canada, the world’s fourth-largest crude producer, is keen to help shore up long-term energy security as countries that previously relied on Russian oil and gas look for replacements amid sanctions aimed at punishing Russia.
Wilkinson said Canada could increase oil exports by up to 200,000 bpd and natural gas exports by up to 100,000 barrels of oil equivalent per day (boepd) this year in response to requests from allies to address supply shortages.
He also attended a meeting to discuss how IEA member countries can work together to ensure availability of critical minerals required for the energy transition, which Canada has plentiful supplies of.
“Our European friends and allies need Canada and others to step up,” Wilkinson said. “They’re telling us they need our help in getting off Russian oil and gas in the short term, while speeding up the energy transition across the continent.”
Canada currently exports around 4 million bpd of oil to the U.S., a small portion of which is re-exported overseas.
© 2022 Reuters
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