TRADE TROUBLE

OPEC+ ministers meet amid tremors from Trump tariffs

Goldman Sachs issued a report on Sunday that suggests the U.S. measures are likely to have a limited near-term impact on global oil and gas prices

(Getty Images)


Energy ministers from OPEC+ meet today as oil and gas customers around the world gird for the expected fallout from the U.S. trade war taking shape with Canada, Mexico and China.

Oil prices rose today after U.S. President Donald Trump imposed tariffs on the three countries, sparked by fears that the feuds would disrupt supplies. Brent crude futures rose 78 cents, or 1.03%, to $76.45 a barrel at 1:33 p.m. UAE time after touching a high of $77.34. U.S. West Texas Intermediate crude futures were up $1.36, or 1.88%, to $73.89.

The OPEC+ members, led by Saudi Arabia and Russia, will meet online for a monthly review at which they’re expected to leave production and supply plans unchanged through March and gradually lift the current quotas that were designed to keep prices from falling, Reuters reports.

While Trump has urged the petroleum producers bloc to cut prices, several OPEC+ delegates have said they won’t adjust the plan for now since crude markets remain fragile amid faltering demand in China and plentiful supply across the Americas, Bloomberg reports.

Goldman Sachs issued a report on Sunday that suggests the Trump tariffs are likely to have a limited near-term impact on global oil and gas prices.

“Potential tariff-driven decline in U.S. natural gas imports from Canada is too small to significantly raise U.S. natural gas prices,” the investment bank said.