"If the freeze in production rates reduces global oil supplies on the market, this will support higher prices and could help to mitigate the pressure currently facing Canadian producers," Khoury said.
The ministry’s spokeswoman added that the global downturn in commodity prices had affected all major producing countries.
"This is producing hardship across Canada, particularly in the oil patch. The Government of Canada is monitoring the economic situation closely," Khoury said.
However, oil and petroleum product prices in Canada are determined by global market forces. Global oil prices plunged from $115 to less than $30 per barrel between June 2014 and January 2016, hitting their lowest levels since 2003, mostly because of prolonged global oversupply and sluggish demand.
The next ministerial meeting of OPEC and non-OPEC countries is set for June 2, where oil producing states are expected to determine oil extraction quotas.
