Canada agreed with 31 other nations on Wednesday to release strategic oil reserves to try to control soaring oil prices. Canada stands to benefit if prices remain $20 to $30 above forecasts made before the start of the war in the Persian Gulf.

By Amanda Stephenson CALGARY, March 11 (Reuters) - Canada's oil industry said on Wednesday there is little it can do to increase crude production in the short-term, even as the Canadian government sought ways to help global efforts to stabilize oil prices during the Iran war.

Canada is “urgently exploring options” with provinces and the energy industry to boost oil supply, as trade disruptions caused by war in the Middle East spur huge volatility in global crude markets.

Prime Minister Mark Carney and Norway’s Jonas Gahr Støre stressed energy stability during talks in Oslo as the Middle East war rattles global oil markets. Canada will release 23.6 million barrels following an International Energy Agency call for coordinated action.

Japan and Canada have signed a strategic agreement aimed at strengthening cooperation in defense, economic and energy security as military strikes on Iran by the United States and Israel fueled concern about international oil supplies.

Uncrowned is a new destination for all things MMA, boxing, wrestling, and more, featuring Ariel Helwani. Politicians in Alberta like to claim credit, or cast blame, when it comes to the price of a barrel of oil. Low prices are Ottawa’s fault, or the ...

Though high rates of the disease persist among the nearby Indigenous communities, the Canadian government is weighing rules that may allow energy giants to release treated mining waste into the river system.

Oil prices spiked to over US$100 a barrel this morning as the war in the Middle East showed no signs of abating after the United States and Israel first launched the attack on Iran just over a week ago.