Global Oil Crisis

Ottawa (Rajeev Sharma) — Canada has officially committed to supplying 23.6 million barrels of oil as part of a historic, coordinated effort by the International Energy Agency (IEA) to stabilize global energy markets. Energy and Natural Resources Minister Tim Hodgson announced the move, following the IEA’s decision to release a total of 400 million barrels from strategic stockpiles worldwide. This represents the largest emergency oil release in the agency's history, more than doubling the previous record set during the 2022 Ukraine crisis. The IEA’s emergency measure is a direct response to the "unprecedented" volatility caused by the ongoing U.S.-Iran war,…