Canada Commits to Helping Countries Reduce Russian Oil Dependency

As the global energy crisis grows, Canada believes it has the resources to help. According to Canada’s natural resources minister, several other countries have also committed “to help as much as we can in terms of displacing Russian oil and gas.”

Canada, the fourth-largest oil producer globally, committed to exporting an additional 200.000 barrels of oil and 100,000 extra of natural gas.

This is in response to requests made by allies at the International Energy Agency (IEA) summit in Paris, where world energy ministers agreed to speed up the transition to sustainable energy.

“We expect that by the end of the year we will be fully up to the 300,000 barrels,” said Canada’s natural resources minister, Jonathan Wilkinson.

The recent sanctions placed on Russia are expected to take away an estimate of three million barrels daily from global markets by next month.

Canada is limited as to how much oil can be exported because its pipelines are almost full. Jonathan Wilkinson says that sending the oil through the United States is an option, however, it’s not the only one.

Enbridge, the largest pipeline company in Canada, said that they are “prepared to do what we can to increase energy security for both North America and Europe.”

According to Louise Dickson, a senior oil analyst at the consultancy Rystad Energy, Canada’s extra supplies impact “will be relatively limited given the regionality of Canadian crude, which will likely stay in the North American market”

“The main energy crisis is playing out in Europe due to supply shortages, and Asia where demand is on the cusp of recovering if Covid-19 lockdowns can be kept at bay,” added Dickson.

Original source material for this article taken from here