The International Energy Agency highlights a 14 million barrel daily supply shortfall due to Middle East conflict, urging Canada to expand production.
The International Energy Agency stated Canada has a critical opportunity to boost oil and gas output as the Middle East war cuts 14 million barrels of daily supply. Reliability in energy imports has become a top priority for global buyers amid the disruption.
Prior to the conflict, global oil markets faced tightening supplies, with OPEC+ production cuts and underinvestment in new capacity. The IEA’s warning underscores the urgency for alternative suppliers to step in and stabilize prices.
The agency’s head cautioned that failing to act now could result in long-term market instability and missed economic gains for Canada.