G7 backs Canada as major global energy supplier to lessen reliance on Strait of Hormuz
G7 leaders endorsed Canada’s potential to significantly expand energy exports as part of a broader effort to reduce global dependence on oil and gas shipments through the Strait of Hormuz, a key energy chokepoint disrupted by recent conflict in the Middle East. Prime Minister Mark Carney said Canada is well-positioned to increase oil and liquefied natural gas production through existing and proposed infrastructure projects, while also announcing new international partnerships expected to generate more than $5 billion in investment across Canada’s critical minerals sector. However, Conservative MP Ellis Ross cautioned that regulatory hurdles, lengthy permitting processes and unresolved Indigenous consultation issues could hamper Ottawa’s ability to quickly deliver on its energy expansion ambitions.
