Canada intends to increase oil production amid the crisis in the Middle East

Canada may increase oil and gas production in order to reduce the dependence of Western countries on supplies from the Middle East amid the worsening situation in the region. This was announced on February 21 by the leader of the official opposition of Canada, Pierre Pouillevre.

"We can contribute by dramatically increasing oil and gas production in Canada. We need to depend less on the Middle East in terms of energy," he said.

According to him, Ottawa is not considering sending ground troops, focusing on an energy response to the crisis. The politician stressed that the country has the fourth largest oil reserves in the world and can become a reliable alternative to suppliers such as Iran, Saudi Arabia and Venezuela.

Eastern translation: is the United States able to assemble a coalition to control the Strait of Hormuz

And how the escalation of the conflict in the region is delaying negotiations on a Ukrainian settlement

The Strait of Hormuz, which is used for the passage of oil tankers from the Persian Gulf countries, was effectively closed by the IRGC. Some major oil companies and leading trading houses have suspended the supply of crude oil and fuel through the Strait of Hormuz due to Israeli and US strikes on Iran.

The Wall Street Journal reported on March 20 that global oil prices are showing a decline amid statements from European countries, Japan and Canada about their readiness to contribute to ensuring safe navigation through the Strait of Hormuz. Brent crude oil fell 0.5% to $108.11 per barrel, while WTI fell 1.5% to $91.57 per barrel.

An additional factor for the price reduction was the statement by Bessent that the United States may in the coming days lift sanctions on Iranian oil, which is already at sea.

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