Canada Plans to Increase Production by 300,000 Barrels to Address Europe's Energy Crisis

Plan to Increase Oil Production by 200,000 Barrels and Natural Gas by 100,000 Barrels
EU Also Discusses Energy Measures... "The Era of Russia Using Energy as a Threat Is Over"

[Image source=AP Yonhap News]

[Asia Economy Reporter Hyunwoo Lee] Canada has announced plans to increase crude oil and natural gas production to help Europe, which is facing the need to reduce its dependence on Russian energy due to the Ukraine crisis.

According to AFP on the 24th (local time), Jonathan Wilkinson, Canada's Minister of Natural Resources, stated in a press release, "European allies and partners have requested assistance in reducing their dependence on Russian energy," adding, "Canada is in a position to help these countries and will increase oil and natural gas production."

The Canadian government plans to increase daily crude oil production by 200,000 barrels and natural gas by 100,000 barrels, totaling an additional 300,000 barrels. This measure is expected to partially alleviate Europe's energy shortage, which currently relies on Russia for 40% of its natural gas and 28% of its crude oil.

Within the EU, discussions are underway among member states to reduce dependence on Russian energy. EU leaders are expected to agree on cooperation measures for joint purchases of gas, liquefied natural gas (LNG), and hydrogen at the summit held in Brussels, Belgium, on the same day.

Additionally, EU leaders strongly criticized Russia's announcement the previous day that it would only accept payment in Russian rubles for natural gas sold to countries deemed unfriendly, including Europe. Ursula von der Leyen, President of the European Commission, emphasized, "This is an attempt to circumvent sanctions, and we will not allow our sanctions to be evaded," adding, "The era when energy could be used to threaten us is over."

This content was produced with the assistance of AI translation services.