• 4 minutes End of Sanction Waivers
  • 8 minutes Balancing Act---Sanctions, Venezuela, Trade War and Demand
  • 11 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 14 minutes What Would Happen If the World Ran Out of Crude Oil?
  • 22 mins California is the second biggest consumer of oil in the U.S. after Texas.
  • 1 min Permafrost Melting Will Cost Us $70 Trillion
  • 15 hours At Kim-Putin Summit: Theater For Two
  • 4 hours Let's just get rid of the Jones Act once and for all
  • 15 hours NAFTA, a view from Mexico: 'Don't Shoot Yourself In The Foot'
  • 22 hours UNCONFIRMED : US airstrikes target 32 oil tankers near Syria’s Deir al-Zor
  • 12 hours "Undeniable" Shale Slowdown?
  • 23 hours Nothing Better than Li-Ion on the Horizon
  • 1 day New German Study Shocks Electric Cars: “Considerably” Worse For Climate Than Diesel Cars, Up To 25% More CO2
  • 22 hours Russia To Start Deliveries Of S-400 To Turkey In July
  • 22 hours How many drilling sites are left in the Permian?
  • 15 hours Gas Flaring
  • 7 hours Liberal Heads Explode as U.S. Senate Confirms Oil Lobbyist David Bernhardt as Interior Secretary
Alt Text

Oil Prices Snap Winning Streak

The oil price rally paused…

Alt Text

Can Saudi Arabia Still Sway The Oil Market?

As large customers like China…

Alt Text

The Case For $100 Oil

According to Bank of America…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Trending Discussions

Could Trump’s Victory Render OPEC’s Output Deal Irrelevant?

As if OPEC had an easy job to do in trying to get its own 14 members on the same page about its policies, another major unknown entered the global oil supply equation – potentially making the cartel’s short-term decisions irrelevant -- after Donald Trump won the U.S. presidential election.

The surprise Trump victory and his still unclear stances on many issues -including the Middle East and protectionist policies - are currently leaving the oil observers guessing what a Trump presidency would mean for the crude oil prices and for OPEC’s policies and relevance as a factor in the global oil supply and prices.

Even if in three weeks’ time OPEC manages to clinch a deal on limiting production, oil prices will not “go up much more than the current levels,” an OPEC source told Reuters on Wednesday.

So OPEC’s possible deal might not be able to prop crude prices up, at least not as much as the cartel had initially hoped for when it (surprisingly) agreed in late September to work toward an agreement to ‘stabilize’ the oil market.

OPEC also has another major Trump-related factor to consider in its efforts to reach a deal: the president-elect’s promise to open onshore and offshore leasing on federal lands, eliminate moratorium on coal leasing, and open shale energy deposits. If Trump stays true to his plans and the U.S. were to really boost its oil production, any OPEC deals may become irrelevant and will put further pressure on OPEC economies whose heavily-oil-dependent budgets are strained even now with the persisting low crude oil prices.

Then there is Trump’s criticism toward the nuclear deal the western nations had struck with Iran, just at the moment in which oil majors started to return investing in the Middle East nation and OPEC heavyweight.

The greater uncertainty for the oil market with a Trump win could further make crude prices more volatile and urge OPEC to pull off a deal on a production curb/freeze at the end of November in its bid to not only stabilize but also lift prices. The questions are, first, how motivated OPEC would be to clinch a deal, and second, would it matter at all.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment
  • Bob on November 09 2016 said:
    "The nation’s oil industry is buzzing with speculation that Oklahoman and former Enid area oil tycoon Harold Hamm will become the next energy secretary under President-Elect Donald Trump" ENID.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News