OSLO — Prime Minister Mark Carney says that countries like Canada do not need to have oil reserves as a net exporter, after the energy minister announced Canada will contribute 23.6 million barrels to help stabilize international energy markets.

The 32 member countries of the International Energy Agency, including Canada, have agreed to a co-ordinated release of oil stocks as the war in Iran destabilizes oil supply chains.

“The rules are you should have at least 90 days reserves for those importers. What we do is we provide oil to the global market. We will continue to do so because we are a safe, low-risk, low-cost, and increasingly low-carbon exporter,” Carney said during a media scrum at the Holmenkollen Skifestival on Saturday.

Carney said that this contribution will require Canada increase its oil production.

Carney is in Holmenkollen, Norway, just north of Oslo, where he will meet with some Canadian athletes competing in the International Ski Federation Nordic World Cup. This includes Olympians Alison Mackie and Xavier McKeever.

Canadian media were informed that Carney also met with the king and queen of Norway at the festival, but that was a closed event.

Before taking in the ski competition, Carney held private meetings with two energy companies and a shipping giant.

A spokesperson for Carney said he met with Equinor, a Norwegian-based conventional and clean energy company, and Landsvirkjun, the national energy company of Iceland.

Carney also met with Maersk, an international shipping company responsible for about 15 per cent of global container traffic, the spokesperson said.

After a day of watching cross-country skiing, Carney will return to Oslo for a meeting with Norwegian Prime Minister Jonas Gahr Store.

Senior government officials briefing reporters before the trip said the meeting will focus on foreign investment, clean energy, critical minerals, aerospace and artificial intelligence.

The two leaders are also expected to talk about global energy security as the war in Iran continues to disrupt supply chains.

Carney and Store are scheduled to meet with the leaders of four other Nordic nations on Sunday.

This report by The Canadian Press was first published March 14, 2026.

David Baxter, The Canadian Press