This article is originally referred from iForex Blog
To state the obvious: The oil market has been on a rollercoaster over the past couple of years.
It’s been going up and down (well, to be honest, it was mostly down) and is now about 50% lower than it was on October 2014.
For consumers this might mean cheaper gas prices, but for the industry this is nothing short of a crisis and many of the large oil companies have been struggling.
Needless to say, oil exporting countries such as Russia and Saudi Arabia have taken a serious hit.
Now, OPEC members are looking to the US, where Donald Trump’s recent victory opens new possibilities.
If Trump decides to cancel the agreement with Iran, for example, nearly a million barrels a day will be removed from global supply.
He has called the deal “disastrous” in the past, but will he be singing a different tune once is at the oval office?
If he likes, Trump has several ways of making the deal irrelevant, and while there are certainly some challenges he will need to overcome along the way, he might see the reward in the benefits U.S. oil will receive by the price recovery.
The question is – will he do it?
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Original Source: iForex Blog