Oil flows in flux
Tariffs, sanctions and trade conflicts are upending the oil market, impacting crude differentials and shipping rates and creating uncertainty
Oil flows are undergoing significant changes, but their direction is difficult to predict as US tariffs confound the market. While Canada and Mexico might continue to send their oil to the US with or without tariffs, Russian President Vladimir Putin is pinning his hopes on the lifting of oil and gas sanctions against his country. Europe, however, is unlikely to lift sanctions against Moscow soon. Indian and Chinese refiners are expected to keep receiving some discounted Russian oil in the next few months. How US President Donald Trump’s stricter sanctions against Iran and Venezuela could shift sands in the Middle East and Latin America is also not exactly clear. All these changes are likely
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The March 2026 issue of Petroleum Economist is out now!
