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Canada to increase oil exports to help Europe

Canada to increase oil exports to help Europe

Canada could increase its gas and oil exports to Europe by 300,000 barrels per day by the end of the year to meet the dire needs of countries seeking to end their dependence on Russian resources.

The announcement comes as the Federal Minister for Natural Resources, Jonathan Wilcoxon, is visiting Paris to meet with his partners in the framework of the International Energy Agency (IEA) ministerial meeting.

“It’s not huge compared to what we’re already producing,” said a source familiar with the matter, as it is an increase of about 5% in total oil exports.

“We are doing what we can with the existing infrastructure because the need is short-term and Europe needs oil and gas ASAP,” adding that some countries doing business with Russia are “worried” about not being able to get energy supplies over the next few months.

She noted that several countries have made it clear time and time again that they are looking for an alternative and that Canada is in a good position to respond to their requests. However, these countries will not “squeeze” Canada.

Our friends and allies in Europe need Canada and other countries to step up. They tell us they need our help getting rid of Russian oil and gas now as the continental energy transition is accelerating. Minister Wilkinson said in a news release Thursday that Canada is in a particularly good position to assist with these two issues.

“We will do everything in our power to help our European colleagues and friends. Like them, we believe that we must clearly address the dependence on Russian oil and gas while continuing to fight climate change, “for his part announced the Minister of Environment and Climate Change, Stephen Gelbolt.

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The government cannot publicly confirm an increase in exports at this point because the decision will be up to the energy companies, but, unsurprisingly, “there is an interest in getting involved in this.”

Along the same lines, Justin Trudeau on Wednesday announced the creation of a Canada-EU working group aimed at “deepening cooperation in the field of energy security.”

The European Union is considering an embargo on Russian oil.

At the same time, Canada announced $8 million for the International Energy Agency’s Clean Energy Transition Program to help emerging economies accelerate energy transition while meeting their energy needs.

In Canada, carbon emissions from the oil and gas sector have increased by 20% since 2005 and account for 26% of total emissions.

L’an dernier, le gouvernement Trudeau avait annoncé vouloir réduire les GES de 40 à 45% d’ici 2030 par rapport aux niveaux de 2005, sans détailler comment il comptait atteindre cette cible, qui’ est infériieure euroéure à United States.

Oil prices rose above $120 a barrel on Wednesday, boosted by the prospect of new sanctions against Russia, a drop in US inventories and damage to a Russian oil terminal.

– Agence France-Presse