Canada could ‘deliver significantly more capacity’, G7 leaders say.
Canada is poised to become a key and reliable energy supplier to the G7 nations after the leaders’ meeting in France embraced its potential to deliver ‘significant additional capacity’ to global markets. This was in the wake of reducing dependence on crude oil, besides gas moving through the Strait of Hormuz.
In a joint statement by G7 leaders in Evian-les-Bains, France, on Wednesday, 17 June ’26, it was said that they commit to accelerating the diversification of energy supply routes to reduce global vulnerability to the Strait of Hormuz, besides increasing their energy stocks.
The statement added that they welcome the potential for Canada to deliver significant additional capacity to global markets over the coming years.
Prime Minister Mark Carney was enquired about a G7 leaders’ statement that said Canada could contribute a significant energy capacity to the world amidst uncertainty that prevailed in the Middle East. Carney added that Canada’s energy capacity is quite substantial, with its importance to Canada’s European partners besides their Asian partners.
Carney also announced new partnerships on critical minerals that his office said may unlock more than USD 3.55 (CAD 5) billion in capital investment for projects across the Canadian critical minerals value chain.
In his closing news conference, Carney said it’s critical for the global economy to diversify its energy supply routes away from the choke point at the Strait of Hormuz.
He added that one of the points that he had made in the room, during the discussions around Iran & geopolitics, was that they had to apply the lessons of recent events.
Before the war, the states in the Persian Gulf shipped nearly 20% of the world’s crude oil. The route was through the Strait of Hormuz, moving into the Gulf of Oman before fanning out to global countries.
Iranian attacks sustained on vessels carrying energy through the Strait of Hormuz essentially closed the access point to the Persian Gulf. This closure halted most shipments of oil & gas as well as drove up global energy prices.
