The International Energy Agency says Russia plays an outsized role in global oil markets as the world’s third-largest producer and is a significant supplier of natural gas to Europe.

Canada intends to ban Russian crude oil imports. Yesterday Canada’s Minister of Natural Resources joined an Extraordinary Meeting of the the Governing Board to the International Energy Agency.

And the IEA has decided to adopt an initial coordinated emergency stock draw plan to release 60 million barrels of oil from emergency reserves to the market. The Ministers have also agreed to reinforce global dialogue with gas-producing countries, including IEA Members, to ensure secure, affordable and reliable gas supplies.

The Ministers at the IEA meeting said this crisis reinforces the urgency of enhancing each nation’s energy independence.

Oil, West Texas Intermediate, which is the North American benchmark, is continuing to trade over a hundred dollars a barrel.