CP NewsAlert: Canada will ‘do its part’ to help IEA release of oil reserves: Hodgson

By Canadian Press on March 11, 2026.

OTTAWA — Natural Resources Minister Tim Hodgson says Canada will “do its part” to lower the cost of oil globally as a bloc of nations looks to tame the surge in energy prices triggered by the war in the Middle East.

The International Energy Agency says it has agreed to release 400 million barrels of oil from member nations’ stockpiles — the largest release of reserves in the organization’s history.

Hodgson says Canada will contribute to that release but hasn’t said what form that would take.

He says Canada is in discussions with its energy industry to determine how to support the release and he expects to say more in the next day or two.

Hodgson says Canada’s oil industry is already producing at capacity but options include delaying downtime or asking refineries working with imported oil to switch to domestic alternatives to free up supply elsewhere.

Recent spikes in global oil prices come as the war in the Middle East has halted oil shipments through the critical Strait of Hormuz.

This report by The Canadian Press was first published March 11, 2026.

— with files from Nick Murray and The Associated Press

Craig Lord, The Canadian Press