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How a Biden presidency may lead to increased supply in the oil market
CNBC reports that according to an economist, a Biden presidency could bring 1 million barrels per day of Iranian oil back into the market, but lead to lower demand in the long run.
That’s because Democratic presidential candidate Joe Biden is likely to reestablish relations with Tehran if he is elected, but introduce environmental policies that limit U.S. oil and gas, said David Fyfe of Argus Media.
“Arguably, a Biden presidency would move fairly rapidly toward some sort of rapprochement with Iran,” he told CNBC.
“That of course could lead to maybe up to a million barrels a day of Iranian oil coming back onto the market,” he said. “It might not happen immediately, but you could see that happening within the sort of first six months of a Biden presidency.”
By contrast, the Trump administration has put maximum pressure on Iran, which has seen heavy economic sanctions imposed on the Islamic Republic, including on its oil exports.
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