Canada’s plan to help offset Russian oil ban for Europe expected by March 23: minister
Global News
Natural Resources Minister Jonathan Wilkinson says it will be another week or two before Canada will know with certainty how much extra oil it can produce and ship to Europe.
Natural Resources Minister Jonathan Wilkinson says it will be another week or two before Canada will know with certainty how much extra oil it can produce and ship to help offset bans on the use of fossil fuels from Russia.
But he says longer-term conversations about Canada partnering with Europe on renewable energy are likely more realistic and more lucrative.
Wilkinson is spending most of his time on the phone with G7 partners and energy industry executives hammering out how best to help Europe cut its reliance on Russia as a source of energy.
He spent most of last week at an energy conference in Houston, had multiple calls with U.S. Energy Secretary Jennifer Granholm and on Thursday, a two-hour call with G7 energy ministers. The Ukraine energy minister also joined part of that latter discussion.
“In the context of the discussions, not just with the Americans, but the Europeans as well, we have essentially asked each other, those of us that are oil and gas producers, to look at whatever we can do,” he said in an interview.
All of these talks are leading toward March 23, when the International Energy Agency is hosting a meeting of energy ministers in Paris.
“My expectation is, by the time I go to Paris, we will have a pretty good view about what we may be able to do,” he said. “I mean, we have constraints around pipeline capacity, obviously, but the ability to fully utilize that, at this point in time to help to stabilize global energy markets, and to assist our friends and allies in Europe is definitely something that we are looking at.”
But even as the world’s fourth largest oil producer, Canada’s role in solving Europe’s immediate fossil fuel needs is going to be limited. Canada exports about 3.6 million barrels of oil a day, but 97 per cent of it goes to the United States.
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