Major oil exporters outside of the Middle East have been lifted by Iran’s closure of the Strait of Hormuz, with some looking to position themselves as reliable suppliers in a world desperate for energy.
Canada has capitalized on the energy shock, becoming a major guarantor of its allies’ national security: “It’s Canada’s moment,” the country’s energy minister told the Financial Times. And Norway has vowed to increase output by as much as 25% in the coming years, a move the head of the state-owned giant Equinor said was critical to Europe’s energy independence.
Elsewhere, Brazil and Mexico agreed to jointly explore deepwater sites in the Gulf of Mexico, though any potential crude output could take years to materialize.
