Alexey Belogoryev, Research and Development Director of the Institute for Energy and Finance, commented to RIA Novosti on the possible consequences of D. Trump's re-election for the global oil market.
According to him, the administration of outgoing President Joe Biden has "defiantly turned a blind eye" to the growth of oil production and exports in Iran and Venezuela over the past three years, making pressure on Russian exports its priority. Therefore, Trump's return may well lead to a reduction in Iranian production, the expert believes."For years, Trump has been creating an areola of an unpredictable, impulsive politician around himself. Therefore, his return to the White House may have contradictory consequences for commodity markets. On the one hand, it will clearly encourage the growth of oil production and exports to the United States itself, including lifting the ban on new drilling on federal lands (however, this will not have a quick effect) and, in general, mitigate environmental and even more "climatic" requirements for oil workers," the expert explained.
"But on the other hand, many expect Trump to sharply tighten his policy towards Iran and, above all, return to full compliance with existing sanctions against Iranian oil exports," Belogoryev added.
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