Markets

US President Donald Trump's imposition of 25% tariffs on Mexican crude and 10% tariffs on Canadian oil imports is set to have significant repercussions on global oil and gas markets, particularly in North America, Europe, and Asia.

The announcement of new US tariffs on Canada, Mexico, and China has stirred volatility in the oil market, but Goldman Sachs forecasts a limited short-term impact on oil prices.

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.

The oil futures market experienced a turbulent week from Jan. 27 to 31, characterized by significant price swings driven primarily by uncertainty surrounding US trade policy.

Saudi Arabia is expected to raise its official selling prices (OSPs) for crude oil to Asia for Mar. loadings, reaching a 14-month high.

The specter of US tariffs on Canadian crude oil imports has injected significant volatility into North American energy markets, impacting price discounts, natural gas flows, and long-term investment decisions.

US sanctions on Russian oil, coupled with potential tariffs on Canadian and Mexican imports, are significantly reshaping global oil markets, creating both challenges and opportunities.

The US is navigating a complex geopolitical landscape, balancing its desire to maintain pressure on Venezuela with its need to secure reliable oil supplies, especially in the context of potential trade disputes with Canada and Mexico.

Russia's crude oil exports faced headwinds in 2024, with total exports, including pipeline and seaborne shipments, declining by 2.2%, according to Kommersant.

Several Asian nations are pursuing ambitious energy strategies, balancing the need for economic growth with long-term sustainability goals.