In this interview given to Sahar El Mizari from Asharq Business with Bloomberg, Dr. Carole Nakhle, CEO of Crystol Energy, discusses the outlook of oil markets in context of the US presidential elections.
Key takeaways:
– It is still premature to assess the effect of Kamala Harris’s candidature to the US presidential elections on oil markets.
– Although the Biden-Harris administration pursued a tougher stance on the US oil and gas industry compared to its predecessor, US oil and gas output reached record levels during their tenure.
– Former president Trump is known for his pro-oil and gas views and policies, both domestically and globally. See for instance Trump taking credit for brokering the reconciliation between Saudi Arabia and Russia in April 2020.
– One would expect oil demand to be stronger during the holidays season. However, concerns about its growth continues.
– Under existing conditions, supply growth is expected to outpace demand growth over the coming year, potentially exerting downward pressure on prices.
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