The memorandum of understanding outlines a plan for a pipeline running from Alberta to the Pacific coast to boost oil exports to Asia, in line with Carney’s goal of expanding foreign trade to offset the impact of the trade war launched by U.S. President Donald Trump

President-elect Donald Trump’s plan to impose a 25% tariff on Canadian and Mexican imports on his first day in office does not exempt oil from the trade sanctions

The Russian Energy Ministry stated supply has already dropped by 14 million to 15 million barrels per day thanks to the OPEC+ deal and output cuts in other countries. Moreover, the surplus stands at around 7-12 million bpd