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Canada to Release 23.6 Million Barrels of Oil to Stabilize Markets

3/14/2026

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Summary

Story summary

Canada will release 23.6 million barrels of crude oil to stabilize global energy markets amid disruptions in the Strait of Hormuz, per Energy Minister Tim Hodgson.
The action is part of an International Energy Agency (IEA) coordinated stock release, the largest in its history.
Analysts say the move targets prices above $100 per barrel but cannot fully offset the global supply shortfall caused by the crisis.

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Story summary

Canada will release 23.6 million barrels of crude oil to stabilize global energy markets amid disruptions in the Strait of Hormuz, per Energy Minister Tim Hodgson.
The action is part of an International Energy Agency (IEA) coordinated stock release, the largest in its history.
Analysts say the move targets prices above $100 per barrel but cannot fully offset the global supply shortfall caused by the crisis.