Reported 2 days ago
US President Donald Trump's trade wars and sanctions are tightening the heavy crude oil market, increasing prices and costs for refineries. The escalating tariffs on Canada and Mexico, combined with sanctions on Venezuela, threaten to restrict the flow of heavy crude, which is already limited by declining exports and rising demand for light crude. Despite OPEC's plans to restore some oil production, the necessity for heavy oils remains acute, with experts indicating that OPEC could quickly alleviate the market tightness.
Source: YAHOO