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Trump's 10% Tariff on Canadian Oil Set for April 2025

4/1/2025

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Summary

Story summary

President Trump intends to impose a 10% tariff on Canadian oil imports starting April 2, 2025.
Canadian oil prices are stable, with Western Canadian Select (WCS) discounts narrowing due to high demand and CUSMA exemptions.
The EU struggles with low gas inventories, particularly in Germany and France, hindering spring replenishment.
Venezuela's oil production may drop further due to new US tariffs, worsening economic instability under Maduro.

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Story summary

President Trump intends to impose a 10% tariff on Canadian oil imports starting April 2, 2025.
Canadian oil prices are stable, with Western Canadian Select (WCS) discounts narrowing due to high demand and CUSMA exemptions.
The EU struggles with low gas inventories, particularly in Germany and France, hindering spring replenishment.
Venezuela's oil production may drop further due to new US tariffs, worsening economic instability under Maduro.