G7 Backs Canada's Energy Pivot Amid Global Supply Worries
Canada's energy supply has received support from G7 leaders as they push for global diversification in the wake of the Iran conflict. In a joint statement on geopolitical issues, the group welcomed Canada's potential to deliver significant additional capacity to global markets.
Prime Minister Mark Carney has been promoting Canada as a reliable energy exporter, with efforts underway to fast-track new infrastructure and expand port capacity. He noted that Canada is ready to deliver what the world needs, including diversifying energy infrastructure in the Middle East and elsewhere.
Citing Statistics Canada data, Carney said that natural gas production rose 5.6% year over year in March, with exports to countries other than the U.S. at record levels. He added that an expansion of the existing Trans Mountain oil pipeline will go ahead, while discussions are progressing with Alberta on a new pipeline to the West Coast.
The G7 statement also mentioned the Iran deal and the Strait of Hormuz in relation to the war in Ukraine, with leaders committing to increase pressure on the Russian war economy. In this context, they will strengthen their sanctions on the oil and gas sectors.