Wood Mackenzie predicts that Trump's proposed tariffs on Canada and Mexico will significantly impact crude oil flows in North America, leading to a drop in US oil demand by 2026. The report anticipates a 50,000 bpd reduction in US oil demand by next year. Mexican exports are expected to shift towards European and Asian markets due to the 25% tariff, while Canadian crude flows to the US are anticipated to continue despite a 10% tariff on energy products. The report also highlights the impact of rising US crude inventories, weak demand, and US-China energy tariffs on global oil markets.
Trump's proposed tariffs on Canada and Mexico will trigger changes in North American crude flows, reducing U.S. oil demand by 2026, according to Wood Mackenzie. Further, WoodMac says it expects Trump's tariffs to shave 50,000 bpd off U.S. oil demand by next year. Mexican exports are expected to shift to European and Asian markets in response to the 25% tariff, while Canadian crude flows to the US are expected to continue as tariffs on energy are reduced to 10%. On top of this, rising U.
Overall, Beijing appears to be pleased with the domestic institution-dismantling that the new administration is doing, along with the impact on markets. The threat from the Trump administration was for 60% tariffs on China, but in the end, we're looking at only 10%.
Energy OIL TARIFFS NORTH AMERICA ENERGY MARKETS OPEC IRAN
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