Markets

A potential 10% tariff on Canadian crude oil imports into the US poses a complex challenge for US refineries, with varying impacts depending on refinery location, configuration, and access to alternative crude supplies.

On Jan. 20, 2025, President Donald Trump issued an executive order declaring a national energy emergency aimed at boosting US fossil fuel production and infrastructure.

The recent imposition of US sanctions on Russian oil producers and their tanker fleet has caused significant disruptions in global oil markets, particularly for Asian refiners.

The French energy giant is expanding global operations with new drilling in Suriname and a major project in Iraq. 

The global oil market in 2025 is poised to see a surplus, driven by increasing non-OPEC+ supply and modest demand growth.

There are challenges and opportunities for European refiners amid upcoming refinery closures and the energy transition with consideration of Trump's second-term impacts.

The following are key trends of the global oil market to watch in the coming year.

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.

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.

As Donald Trump returns to the White House, his energy policy promises to shift focus toward maximizing US oil and gas production, signaling a potential boost to fossil fuel sectors.