March 11, 2026
First and foremost, the current conflict is directly impacting the lives tens of millions of people, and it is having a rippling effect around the world. It is positive to see IEA members from across the globe collaborate on a strategic release of oil storage to do what they can to mitigate the impact of having a significant portion of the world’s energy supply stranded near the Strait of Hormuz.
Currently, Canada is doing whatever it can to deliver oil and natural gas to global markets. We are at record levels of oil and natural gas production and at record levels of exports, and that is because of our most recently completed export projects, the Trans Mountain Expansion Pipeline (TMEP) and LNG Canada.
As a result, there is minimal short‑term ability for Canadian producers to further increase production in response to supply disruptions arising from the conflict in the Middle East. Any meaningful production growth would require additional pipeline and export capacity, which is not available today.
Canada does not have its own strategic oil reserve. Our country has one of the world’s largest untapped oil and natural gas resources on the planet and a relatively small population, with significant capacity to maintain and potential to grow our energy exports while providing for the needs of Canadians. The creation of such a reserve would require significant consultation between the federal and provincial governments, along with industry.
The events in the Middle East reinforce Canada’s longer-term position as a safe destination for energy investment and a reliable trading partner, while underscoring the need for Canada to play a much larger role in meeting the world’s energy demand and strengthening global energy security.
Canada’s oil and natural gas production and our potential to grow, combined with the international respect our country has earned, makes Canada perhaps the most secure and reliable supplier of energy in the world today.
Lisa Baiton, CAPP President & CEO