Trump's Venezuelan Oil Tariffs Spark Bullish Sentiment in Oil Markets

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The White House introduced a 25% tariff for any country that buys oil or gas from Venezuela in case of any trades made with the United States, impacting China as the Asian nation accounted for 55% of Venezuela’s 500,000 b/d exports lately.

US Energy Secretary Chris Wright stated that American companies could operate Ukraine’s power plants ‘with very little problem’, arguing that such an arrangement would be the best protection of the country’s energy infrastructure.

As Russian and US officials met in Saudi Arabia to discuss a potential ceasefire in Ukraine, the Black Sea grain deal could see a revival after the initiative ended in 2023, potentially bringing more Ukrainian agricultural exports to the market, Oil Price.com reports.

Iraq’s oil minister Hayan Abdul Ghani alleged that Iranian oil tankers have been using forged Iraqi shipping documents, rejecting any Iraqi implication in recently detained tankers, as Baghdad remains under US pressure to cut links with Tehran.

The average LNG price for May delivery into Northeast Asia dipped to $13.5 per mmBtu, a three-month low and some $0.50-0.60/mmBtu higher than European delivered prices, as mild weather forecasts and weak Chinese demand cap the upside.

Global trading giants Vitol and Gunvor have been ramping up their long positions in physically deliverable LME aluminium contracts, as both the February and March contracts saw one trading entity hold at least 30% of open interest upon expiry.

OPEC+ countries will most probably continue raising oil output for a second consecutive month as part of the oil group gradually unwinding its production cuts, boosting global production by another 135,000 b/d after April is set to grow by 138,000 b/d.

As benchmark Australian Newcastle coal futures plunged to $97 per metric tonne, down 20% since the start of the year, the world’s largest coal producer Glencore (LON:GLEN) stated that it would cut output by 5-10 million tonnes in 2025.

Chinese antimony prices continue to skyrocket after 99.85% antimony metal started to trade at ¥250,000 per metric tonne ($35,000/mt), up 70% since early February, as Beijing’s export restrictions limited exports to a mere 20 tonnes in January and February.

Indian refiners are poised to cut back on spot tenders after offers of Russian crude have rebounded to pre-January levels and March imports are set to average 1.8 million b/d, with most deliveries taking place on non-sanctioned tankers.

Comex copper futures surged to an all-time high of $5.20 per pound this week, further buoyed by Glencore’s mining woes in Chile, as the markets bracing for a Trump tariff impact with an unprecedented 500,000 tonnes of copper sailing now towards the US.

The East African government of Kenya is planning to auction at least 10 exploration licenses in its first oil licensing round, opening up the bidding process in September 2025, concurrent to auctions taking place this year in Uganda and Tanzania.

Sales of top US electric vehicle producer Tesla (NASDAQ:TSLA) in Europe have been 43% lower so far in 2025, commanding only 10% of the BEV market in February with total monthly sales of less than 17,000 units, losing market share to cheaper Chinese EVs.