- Crude advances as Trump places a 25% tariff on Canada, the country’s biggest crude supplier
- WTI jumped to $74 Bbl, dramatically outpacing Brent, highlighting the risk to domestic supplies
- The tariffs will start Tuesday and will include a 25% tariff on imports from Mexico as well as 10% on Chinese goods
- Crude demand will remain at current levels until at last 2040, Vitol says (FT)
- The major energy trader expects global demand to peak around 110 MMBbl/d by the end of this decade, and later retreat into the 105 MMBbl/d levels in 2040
- Vitol’s long-term demand outlook differs from the IEA which expects crude demand to peak around 105 MMBbl/d in 2029
- The prediction also differs from BP, which said in July that crude demand would plateau at the end of this decade and drop near 91 MMBbl/d in 2040
- OPEC+ sticks to supply plan despite calls from Trump for price cut (BBG)
- At a review meeting on Monday, OPEC+ decided to make no changes to its existing oil-production plans
- The plan to bring back 2.1 MMBbl/d by late 2026 remains, with the initial 120 MBbl/d of supplies set to come back online in April
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