Trump's tariffs on Mexico and Canada are due to take effect at 12:01 a.m. on Tuesday. Trump said he would decide on Monday what level of tariffs he'd impose. For now, he's promised to implement a 25% tariff on imports from Canada and Mexico, with a 10% tariff on Canadian energy.
There has been some indication that Trump may not impose the full amount of tariffs. He is also expected to raise fentanyl-related tariffs on Chinese imports to 20% from 10% currently.
The threat of tariffs is already showing some signs of impacting Canadian drilling companies, Amanda Stephenson reports. Precision Drilling, the largest Canadian rig operator, said it has seen a steeper-than-expected slowdown in its Canadian well servicing segment.
TD Cowen, meanwhile, reduced its rig count forecast by about 5%.
Trump's planned tariffs have raised inflation worries at the U.S. Federal Reserve, analysts said, stoking fears the Fed could keep interest rates higher for longer. This would slow economic growth and energy demand.
Elsewhere, Kazakhstan raised crude oil and gas condensate production in February by 13% from the prior month, hitting a record of 2.12 million barrels per day. This exceeds its quota within the OPEC+ group of producers.
And in the United States, oil production hit a fresh record in December, the U.S. Energy Information Administration said on Friday in a monthly report. Crude output climbed to 13.491 million barrels per day, jumping from 13.314 million bpd the prior month.
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