The Globe and Mail reports in its Saturday edition that Canada will release 23.6 million barrels of crude oil to help prevent global shortages and stabilize markets, Energy Minister Tim Hodgson said on Friday. The Globe's Jeffrey Jones writes that the International Energy Agency's 32 member states agreed to release 400 million barrels from strategic reserves to compensate for supply shortages caused by the Iran war. Oil prices have surged as tankers avoid the Strait of Hormuz due to fears of attacks by Iran. Mr. Hodgson said Canada will fulfill its obligations with crude oil from its energy companies, co-ordinated by federal and provincial governments, and that natural gas exports will rise in the coming months, supplying additional fuel to trading partners. The IEA said members will meet their commitments by releasing reserves over the course of 90-180 days. Canada is not mandated by the IEA to maintain a national emergency stockpile, but Mr. Hodgson said the industry can adjust production and operations to increase supply. Canada is expected to make its extra barrels available through its regular export points, which include the country's West Coast and via Enbridge's extensive pipeline network to the U.S. Gulf.