If Democratic presidential candidate Joe Biden wins the election and eases sanctions on Iran imposed by incumbent President Donald Trump, it would open the doors to more than 2 million barrels a day of Iranian crude export.
“Within a few months after a Biden election, we expect some Iranian oil will be coming to market,” Iman Nasseri, the London-based managing director for the Middle East at consulting firm FGE, told Bloomberg. “It’s going to be a real headache for OPEC.”
A barrel of the West Texas Intermediate crude is currently changing hands at $34.55. Prices hit a five month low of $33.64 early Monday.
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