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 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.

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

Saudi Aramco, the world’s largest crude oil exporter, has recently expanded its crude trading strategy with its first-ever purchase of US WTI Midland crude.

The ongoing tension between Canada and the US regarding energy trade, particularly the export of Canadian oil, is poised to have significant impacts on the global oil and gas market.

The announcement of US and UK sanctions on Russian crude on Jan. 10 caused significant price hikes for Middle Eastern grades, with Dubai crude February-March time spreads soaring to $1.35/b on Jan. 13, up from $0.78/b on Jan. 10.

Venezuela's oil exports grew 10.5% in 2024, averaging 772K b/d, the highest since 2019.