Trump threatens tariffs on Russian oil
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Markets Insider |
Since energy prices are a key input cost for nearly all industries, "secondary tariffs" would make it harder for Trump to lower oil prices — one of his campaign promises.
Reuters |
Trump's threat to hit buyers of Russian oil with tariffs had a limited impact on oil markets on Monday, as traders tried to determine how far the White House could go after Chinese and Indian oil imp...
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Oil prices dipped slightly on Tuesday as worries about the impact of a trade war on global growth outweighed concerns about a hit to supply from threats by U.S. President Donald Trump to impose secondary tariffs on Russian crude and bomb Iran.
U.S. crude oil production was down 305,000 barrels per day, hitting 13.15 million bpd, a level it hasn’t dipped down to in over a year
Oil will likely fall to the low $60-a-barrel range — levels last seen in 2021 — as markets remain oversupplied, Macquarie Group Ltd. predicts.
U.S. crude oil production fell by 305,000-barrels-per-day (bpd) to 13.15 million bpd in January, the lowest since February 2024, data from the U.S. Energy Information Administration showed on Monday.
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A survey that includes Goldman Sachs, JPMorgan and Morgan Stanley showed predictions that include declines of more than $3 per barrel for Brent and WTI.
Oil futures are on track to end March at similar levels seen at the end of February, as prices have recovered since OPEC+ announced that it'd start unwinding its voluntary production cuts on April 1.
Johan Castberg oil development in the Barents Sea has started pumping, the second major field to begin operations in the country’s Arctic waters.
Oil prices are set to remain under pressure in 2025 as U.S. tariffs and slowing economic growth in India and China weigh on demand, while OPEC+ pushes forward with plans to increase output, a Reuters poll showed.