Prime Minister Mark Carney says Canada will continue to play a major role in global energy markets as a reliable oil exporter, particularly as geopolitical tensions disrupt supply chains. Speaking in Oslo during a visit to Norway, Carney confirmed that Canada plans to increase oil production as part of an international effort to stabilize global energy markets. According to The Canadian Press, the announcement comes as countries respond to disruptions linked to the ongoing conflict involving Iran.
Canada and 31 other member nations of the International Energy Agency have agreed to release strategic oil supplies in a coordinated effort to calm energy markets. Canada will contribute 23.6 million barrels of oil as part of the initiative. Carney explained that while importing nations are expected to maintain at least 90 days of emergency oil reserves, Canada operates differently as a major exporter that supplies energy to global markets.
Carney emphasized that Canada’s oil sector is considered both stable and relatively low risk compared with other producers. According to The Canadian Press, he described Canada as a safe, low cost and increasingly low carbon energy exporter that will continue supplying global markets during periods of instability. The prime minister said the country’s contribution to the international effort will require increased production from Canadian oil producers.
During his visit to Norway, Carney also held discussions with executives from Norwegian energy company Equinor about the proposed Bay du Nord offshore oil project near Newfoundland. The project is estimated to involve an initial investment of about $14 billion and is viewed as a medium term source of additional oil production. Carney noted that the project is considered attractive partly because of its relatively low carbon emissions in production and transportation.
The prime minister also met representatives from Iceland’s national energy company Landsvirkjun and global shipping giant Maersk, which handles about 15 percent of worldwide container shipping. While the trip focused heavily on energy security and economic cooperation, reporters also questioned Carney about Canada’s recent labour market numbers. The country lost 84,000 jobs in February, but Carney responded that Canada has still added roughly the same number of jobs over the past year and that wage growth continues to outpace inflation.
Carney highlighted several large infrastructure and defence related projects currently under development, including the construction of new military bases and the Mackenzie Valley Highway in the Northwest Territories. He also pointed to the newly established Major Projects Office, which aims to accelerate approvals for major national infrastructure and energy projects, though officials said no approvals have yet been issued.
Outside official meetings, Carney attended the Holmenkollen Ski Festival near Oslo where he met Canadian athletes competing in the International Ski Federation Nordic World Cup, including Olympians Alison Mackie and Xavier McKeever. According to The Canadian Press, he also attended a private meeting with Norway’s king and queen during the event.
Carney and Norwegian Prime Minister Jonas Gahr Store are expected to continue discussions in Oslo focused on foreign investment, clean energy, critical minerals, aerospace and artificial intelligence cooperation. Store said the relationship between Canada and Nordic nations continues to deepen, noting that Canada is sometimes considered an honorary Nordic partner due to shared economic and political values.
