Markets

The possibility of US President-elect Donald Trump imposing a 25% tariff on crude imports from Canada and Mexico has sparked significant concerns within the energy sector.

In addition to the threat of more sanctions on Russia and Iran, oil futures were supported by the overthrow of Syrian President Assad and by promises from China that fiscal stimulus measures would be increased.

Recent political developments in Syria, despite its minimal oil output, could significantly affect global crude markets due to its strategic location and alliances with Russia and Iran.

OPEC has made its deepest cut yet to its 2024 oil demand forecast, marking the fifth consecutiveOPEC has revised its oil demand forecast for 2024 downwards for the fifth consecutive month, now predicting a growth of just 1.6MM b/d, a 27% reduction from its July estimate. month of downward revisions.

As President-elect Donald Trump prepares for a return to the White House, the oil and gas industry has cautiously assessed the potential impacts of his policies.

US crude oil exports experienced a notable drop in the week ending Dec. 6, 2024, averaging 2.9MM b/d, a decline of 1.5MM b/d from the previous week.

Nigeria's oil production reached its highest level for 2024 in Nov., hitting 1.7MMb/d, a significant 13.3% increase compared to Nov. 2023.

Canada's oil industry is preparing for increased output in 2025, with major producers Cenovus, Imperial Oil, and Suncor each planning to boost production next year despite political pressures.

Equinor and Shell have announced the formation of a joint venture (JV) to combine their UK offshore oil and gas operations, making it the largest independent producer in the UK North Sea.

Some market watchers chose to focus on predictions of a supply overhang next year rather than on OPEC+ continuing to keep large volumes off of the market.