Canada’s 23.6M Oil Barrel Pledge Is Already Priced In

Canada’s pledge to contribute 23.6 million barrels of oil to the International Energy Agency’s coordinated release will add little new supply to an already tight market because the volumes are not incremental, BMO Capital Markets said in an interview with Bloomberg, adding that the barrels in question were coming from production growth that was already in motion before the Iran-driven disruption. “It’s not really a function of what’s happening in Iran or any request from the federal government to say, what can we contribute…