The new US president announces a comprehensive plan to maximize US oil production. The US will also stop buying Venezuelan oil, according to Trump.
Trump said he was considering imposing tariffs of 25 percent on imports from Canada and Mexico starting February 1 (instead of on his first day in office as previously promised).
The tariff pause initially helped push oil prices down, but tariffs on Canadian crude could eventually push the market higher.
Trump laid out a comprehensive plan on Monday to speed up approvals for oil, gas and electricity to maximize already record US energy production.
Replenishing strategic reserves
The US president also said his administration would "probably" stop buying oil from Venezuela. The US is the second largest buyer of Venezuelan oil after China.
Trump also promised to replenish strategic reserves, a move that could have a positive impact on oil prices by boosting demand for US crude.
Whether the replenishment of strategic reserves should be interpreted as geopolitically positive or negative? - Power2market will of course keep you informed.
