Iranian and Venezuelan hopes of a swift loosening of sanctions under the Biden administration are fading fast.
Coronavirus and collapsing oil prices have hollowed out budgets of oil-producing countries, raising fears of instability.
Global supply outages stand at exceptionally high levels—even as Brent struggles to stay above $60 per barrel.
Any decision to reduce oil inventories OPEC's upcoming meeting will be greatly helped by Venezuela’s declining oil production, which has just fallen to its lowest levels since January 2003.
Between Iran, Libya and Venezuela, the seeds of a major disruption to the oil market have already been sown. A significant outage in one could push the market into deficit.
On April 29 the national average gasoline price reached a new 2019 high of $2.97 per gallon—already matching last year's high—with a variety of factors expected to push prices even higher.
The oil market’s immediate reaction to the White House's announcement to not reissue Iranian oil waivers underlines the fact that oil prices and world politics are inextricably linked
With the expiration of the waivers now just a little more than two weeks away, the oil market is on edge as the White House weighs its next steps.
President Trump's latest OPEC tweet has heightened speculation that volatility is returning to the global oil market. But the truth is oil volatility never went away.
The U.S. government's goal to knock Iran oil exports down to zero may be boxed in by its own policy towards Venezuela.