Iranian oil could flood the market if Biden wins – Bloomberg

Omkar Godbole FXStreet Contributor

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.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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