Oliver’s remarks follow recent expert warnings that the steep slide in crude prices could erase the government’s projected $1.6 billion surplus for the 2015-16 fiscal year.
Since the government’s surplus prediction last fall, oil prices have fallen from US$80 per barrel to below US$50.
Speaking to reporters in Vancouver on Wednesday, Oliver said his department will re-calculate the impact of low oil prices on federal finances after his upcoming meetings with private-sector economists.
The federal government is preparing its 2015 election-year budget.
Earlier this week, TD Bank predicted the rapid fall in oil prices would turn the Harper government's long-promised 2015-16 surplus into a deficit.
“We remain confident that we can in fact balance the budget and we will do so,” Oliver said.
“The commitments we have made, we will honour.”