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The world’s supply lines for cargoes of oil and fuel, which typically crisscross the globe, are about to get redrawn thanks to U.S. President Donald Trump’s sweeping tariffs.

Global oil demand will hit a record this year as Asian countries, particularly China and India, continue to expand consumption, said the head of Saudi Aramco.

BP confirmed that it would slash spending on green ventures and increase its oil and gas production, a change in direction that it hopes will bolster its flagging share price.

The U.S. on Feb. 24 imposed sanctions on dozens of people and oil tankers across China, the United Arab Emirates, India and other jurisdictions for allegedly helping to finance Iran.

Elliott Investment Management is seeking seats on the board of oil refiner Phillips 66, the latest effort in a campaign pushing the company to sell assets and improve performance.

“[The port] was held up for five years, and it was stonewalled. Bureaucrats got in the way, and now we are moving forward with that," DOT Secretary Sean Duffy told reporters Feb. 14.

“We have more energy than any other country and now we are unleashing it,” President Donald Trump said as he signed executive orders in the Oval Office on Feb. 14.

Elliott Investment Management has built a more than $2.5 billion stake in oil refiner Phillips 66, and plans to push the company to sell or spin off its midstream business, Bloomberg reports.

There is strong nationwide support among Canadians for putting export taxes on oil shipments if needed to retaliate against U.S. President Donald Trump’s tariffs, a new poll suggests.

Canada’s energy exports to the U.S. jumped at the end of last year, pushing the country’s trade surplus with its biggest customer to the highest in more than two years.