Carney, Norway PM push message of oil-market stability as war in Middle East rattles global supply
CBC
Easing the economic pain in the world oil markets was on the minds of both Prime Minister Mark Carney and his Norwegian counterpart Jonas Gahr Støre as they met in Oslo on Saturday.
The meeting came after the International Energy Agency earlier this week called on its 32 members to release 400 million barrels of oil to prevent global shortages and calm jittery markets, which have been rattled by the U.S.-Israeli war with Iran.
Canada has agreed to contribute 23.6 million barrels, Energy Minister Tim Hodgson announced on Friday.
During a visit to the Holmenkollen Ski Festival in Oslo on Saturday, Carney tried to reinforce a calming message, noting that Canada — as a net exporter of oil — doesn't hold a strategic reserve and isn't required to contribute, but will do so nonetheless.
"From Canada's perspective, we are low-risk producers of oil. We are low-risk producers of natural gas. We're reliable."
"The oil market is tight. That's the reality and … the last thing you need in a tight market is to have more problems, and Canada is part of the solution in that regard."
The United States said it will release 172 million barrels of oil from its strategic petroleum reserve as its contribution to co-ordinated efforts with the IEA. But the U.S. also went its own way in temporarily easing sanctions on Russia's shadow fleet of tankers, much to the dismay and opposition of other G7 leaders, including Carney.
Norway is a major offshore oil producer, but has not said whether it will up production to help meet the IEA's call.
Oil prices have surged with tankers being unable to sail through the Strait of Hormuz for fear of attacks by Iran.
In a joint statement, issued late Saturday after their bilateral meeting, Carney and Støre emphasized their commitment to working together to leverage each country's position to deliver affordable, secure and sustainable energy, among other things.
Going into dinner at Støre's official residence, the Norwegian prime minister said the war in the Middle East should end, but instead it is escalating.
"There is no real script on how it's going to evolve and end," said Støre, without making direct reference to the United States and Israel.
"It is escalating with dramatic consequences for people in the region, but also beyond. And I don't think we have the blueprint for that. I mean, those who are engaged in that war have to take the responsibility for helping it end."
Carney agreed and said leaders need to discuss what can be done to first de-escalate and then end hostilities.
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