Oil prices soared due to U.S. tariffs on Canadian oil and Chevron's challenges in Venezuela, overshadowing market stability concerns.

Goldman Sachs predicts a $10 billion annual impact on foreign producers due to U.S. oil tariffs, affecting Canadian and Latin American markets while benefiting U.S. refiners.

According to estimates, if President Trump's proposed tariffs go into effect permanently, the United States' GDP would decrease by 0.4 percent. Of this, 0.3 percent would be from the 25 percent tariff on all imports from Canada and Mexico, while 0.1 percent would be from the 10 percent tariff on all imports from China. As of February 10, China imposed retaliatory tariffs on the United States, with a 15 percent tariff on coal and liquid natural gas, and a 10 percent tariff on other exports, including oil, machinery, and large motor vehicles.

Oil prices climbed due to potential U.S. tariffs on Canadian and Mexican exports, with Brent and West Texas Intermediate futures experiencing notable gains.

Oil prices decline amid market sell-offs, US tariff measures, and geopolitical tensions. Learn about contributing factors like OPEC+ plans, China's fuel focus shift, and the strong US dollar.

Russia Federal Government Revenue: Oil & Gas: Export Tariffs: Crude Oil data was reported at 0.000 RUB bn in Feb 2025. This stayed constant from the previous number of 0.000 RUB bn for Jan 2025. Russia Federal Government Revenue: Oil & Gas: Export Tariffs: Crude Oil data is updated monthly, averaging 43.750 RUB bn from Jan 2018 (Median) to Feb 2025, with 86 observations. The data reached an all-time high of 175.200 RUB bn in Dec 2018 and a record low of -5.700 RUB bn in Feb 2024. Russia Federal Government Revenue: Oil & Gas: Export Tariffs: Crude Oil data remains active status in CEIC and is reported by Ministry of Finance of the Russian Federation. The data is categorized under Russia Premium Database’s Government and Public Finance – Table RU.FB006: Federal Government Revenue and Expenditure: General.

US oil refiners are pivoting to new crude sources amid rising tariffs on Canadian and Mexican imports, impacting global trade routes and costs.

Imports: CIF: TARIC: Oil Seeds, Plants data was reported at 32.534 USD mn in Oct 2020. This records an increase from the previous number of 19.143 USD mn for Sep 2020. Imports: CIF: TARIC: Oil Seeds, Plants data is updated monthly, averaging 16.396 USD mn from Jan 1998 (Median) to Oct 2020, with 274 observations. The data reached an all-time high of 40.544 USD mn in Oct 2019 and a record low of 2.637 USD mn in May 1999. Imports: CIF: TARIC: Oil Seeds, Plants data remains active status in CEIC and is reported by National Statistics Administrative Department. The data is categorized under Global Database’s Colombia – Table CO.JA035: Imports: TARIC.

Spain Imports: Oil Seeds, Oleaginous Fruits, Other Seeds and Grains data was reported at 2,106.502 EUR mn in 2017. This records an increase from the previous number of 2,025.001 EUR mn for 2016. Spain Imports: Oil Seeds, Oleaginous Fruits, Other Seeds and Grains data is updated yearly, averaging 1,206.496 EUR mn from Dec 1995 to 2017, with 23 observations. The data reached an all-time high of 2,255.575 EUR mn in 2012 and a record low of 901.469 EUR mn in 1995. Spain Imports: Oil Seeds, Oleaginous Fruits, Other Seeds and Grains data remains active status in CEIC and is reported by Ministry of Economy and Competitiveness. The data is categorized under Global Database’s Spain – Table ES.JA009: Imports: by Tariff Chapter (TARIC).

Discover how escalating tariff woes are affecting oil prices, despite a larger-than-expected drawdown in U.S. gasoline stocks. Explore the interplay between global trade tensions and crude markets.

Ecuador GG: Revenue: Non Oil: Tax: Tariffs data was reported at 104.466 USD mn in Dec 2024. This records an increase from the previous number of 96.342 USD mn for Nov 2024. Ecuador GG: Revenue: Non Oil: Tax: Tariffs data is updated monthly, averaging 112.970 USD mn from Jan 2013 (Median) to Dec 2024, with 144 observations. The data reached an all-time high of 194.288 USD mn in Jul 2015 and a record low of 40.971 USD mn in Apr 2020. Ecuador GG: Revenue: Non Oil: Tax: Tariffs data remains active status in CEIC and is reported by Ministry of Economy and Finance. The data is categorized under Global Database’s Ecuador – Table EC.F001: General Government: Revenue and Expenditure.

Indonesia Export: Value: Oil Filter for Vessel'S Engines, which is Included in Tariff Heading 8421.23.91 data was reported at 0.000 USD mn in Aug 2022. Indonesia Export: Value: Oil Filter for Vessel'S Engines, which is Included in Tariff Heading 8421.23.91 data is updated monthly, averaging 0.000 USD mn from Aug 2022 (Median) to Aug 2022, with 1 observations. The data reached an all-time high of 0.000 USD mn in Aug 2022 and a record low of 0.000 USD mn in Aug 2022. Indonesia Export: Value: Oil Filter for Vessel'S Engines, which is Included in Tariff Heading 8421.23.91 data remains active status in CEIC and is reported by Statistics Indonesia. The data is categorized under Indonesia Premium Database’s Foreign Trade – Table ID.JAH097: Foreign Trade: by HS 8 Digits: Export: HS98: Special Provisions for The Transportation Equipment Industry.

Crude Oil decreased 2.12 USD/BBL or 2.95% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Crude Oil - values, historical data, forecasts and news - updated on March of 2025.

Transportation Tariff via Transneft: Crude Oil在2013达43.490 RUB/100 Ton-km，相较于2012的41.750 RUB/100 Ton-km有所增长。Transportation Tariff via Transneft: Crude Oil数据按每年更新，2009至2013期间平均值为38.600 RUB/100 Ton-km，共5份观测结果。该数据的历史最高值出现于2013，达43.490 RUB/100 Ton-km，而历史最低值则出现于2009，为28.380 RUB/100 Ton-km。CEIC提供的Transportation Tariff via Transneft: Crude Oil数据处于定期更新的状态，数据来源于Federal Tariff Service (FTS of Russia)，数据归类于Russia Premium Database的Prices – Table RU.PE004: Transportation Tariff: Crude Oil and Petroleum Products。

Despite possible tariffs, Enbridge's CEO states that the Canada-U.S. oil trade will remain resilient due to deep integration of energy systems.

Discover the implications of potential U.S. tariffs on Canadian oil imports and how the Trans Mountain Pipeline is poised to become a critical asset in optimizing Canada's oil export routes, especially toward Asian markets.

Exports: FOB: TARIC: Mineral Fuel, Oil & Its Products data was reported at 1.480 USD bn in Jan 2025. This records a decrease from the previous number of 1.848 USD bn for Dec 2024. Exports: FOB: TARIC: Mineral Fuel, Oil & Its Products data is updated monthly, averaging 1.398 USD bn from Jan 1998 (Median) to Jan 2025, with 325 observations. The data reached an all-time high of 3.871 USD bn in Mar 2012 and a record low of 228.681 USD mn in Feb 1998. Exports: FOB: TARIC: Mineral Fuel, Oil & Its Products data remains active status in CEIC and is reported by National Administrative Department of Statistics. The data is categorized under Global Database’s Colombia – Table CO.JA009: Exports: by Main Tariff Chapters. [COVID-19-IMPACT]

Canadian Natural Gas and Oil Pipeline Tolls. A toll is the price charged by a pipeline company for transportation and other services.

Explore how OPEC+ output decisions and U.S. tariffs are influencing the decline in oil prices, affecting Brent and WTI futures.

Volatile shifts in consumer demand and market conditions have hurt the Essential Oil Manufacturing industry's expansion through the end of 2023. Essential oils have seen a revival in their popularity amid a growing consumer shift to natural, eco-friendly alternatives of everyday products, aiding industry revenue. However, falling disposable income in the year marked by rising inflationary pressures, along with decreasing demand from cosmetic and beauty products manufacturers, have dampened industry demand. Similarly, the rising costs that come with manufacturers, which include having a consistent line of workers and many machineries to process these plant extracts, have continually pressured profit. Revenue is set to decrease at a CAGR of 2.1% through the end of 2023 to $1.3 billion, including a projected 2.6% increase in 2023 alone.To preserve growth and market share, manufacturers have made significant investments in developing and researching essential oils and derivative products claimed to act as remedies or provide relief for mild ailments. By diversifying and entering the medical and homeopathic markets, essential oil manufacturers have expanded the range of products provided. Exports have remained the largest driver of revenue, as international buying industries, namely manufacturers, have significantly increased purchases of domestically produced essential oils. In 2023, exports are set to comprise more than half of revenue. However, imports are set to account for nearly three-quarters of domestic demand, which is set to keep manufacturers pressured in the period to grow their revenue with increased competitive pressures in the market.Moving forward, the Essential Oil Manufacturing industry is expected to sustain revenue growth through both greater homeopathic oil use and increasing environmental awareness. Key fragrance and consumer product manufacturers are expected to steadily purchase essential oils, while manufacturers will seek to establish an even stronger presence in the medical and homeopathic markets. Still, tariffs and potential regulation over manufacturers' health claims will remain a looming threat, as will imports of essential oils. Still, industry revenue is projected to grow at a CAGR of 1.5% to reach $1.4 billion through the end of 2028.