NewzVille International
Canada will contribute 23.6 million barrels of oil to International Energy Agency (IEA) plan aimed at stabilizing global energy markets amid rising tensions in West Asia.
Natural Resources Minister Tim Hodgson of Canada announced on late Friday, two days after he stated that Canada would “do its part” to help lower global oil costs.
Earlier this week, the IEA agreed to release a record 400 million barrels of oil from strategic stockpiles held by its member nations to counter a spike in prices following the U.S.-Israeli military operation on Iran.
The IEA, which includes 32 members such as Canada, was established in 1974 after the Arab oil embargo. Member countries currently hold over 1.2 billion barrels of public emergency oil stocks, along with an additional 600 million barrels of industry stocks maintained under government obligation.
