G7 Backs Canada's Energy Supply 'Potential' Amid Global Market Uncertainty
Canada's energy supply 'potential' has received backing from the G7 after the group issued a joint statement on geopolitical issues. The mention of Canada's potential was included in a section on the Middle East, which touched on international efforts to reduce reliance on the Strait of Hormuz shipping lane.
The Strait of Hormuz is critical for global oil supplies, with about one-fifth of the world's oil flowing through it. Iran's closure of the strait caused energy prices to spike around the globe.
Mark Carney, Canada's Prime Minister, has been looking to stimulate Canada's economy by pitching the country as a reliable energy exporter. He brought this message to the G7 Summit in France and told reporters that Canada is ready to deliver what the world needs.
Citing Statistics Canada, Carney said that natural gas production rose 5.6% year over year in March, compared with an increase of just 0.2% in crude oil production. He also mentioned that pipeline capacity is being increased into the U.S., including projects like South Bow to revitalize parts of the Keystone XL pipeline.
Carney said that these projects account for a 'material amount' of additional energy that Canada can provide, and that they are important to European and Asian partners. A statement from the Prime Minister's Office highlighted Carney's work at the summit, noting that France, Germany, Italy, and South Korea intend to partner with Canada to stockpile critical minerals.