Focus points:

• US trade policies – tariffs & licences

  • Canada and Mexico; Chinese retaliatory tariffs; export licences for ethane & butane

• Shipping

  • OFAC sanctions on specific vessels and Chinese infrastructure; US Trade Representative’s (USTR) port fees on China-built and China-operated vessels & looming SHIPS for America Act

• Geopolitics

  • US approach towards Russia-Ukraine war, playing hardball with Venezuela, Yemen & effects on Bab-el-Mandeb transit, Iran policy

• US domestic policies affecting GDP & oil demand outlook