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Trump Presidency Likely Bearish for Oil: Citi

OIL
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A second Donald Trump presidency would have mostly bearish implications for the oil market, although the effect would likely be limited, Citi said cited by Dow Jones.

  • While Trump appears to have a more oil and gas friendly agenda, it would take 12-18 months for policy changes to have a notable effect on domestic supply growth, Citi said.
  • With US oil production already at an all -time high, reversing Biden’s fossil fuel policies may not boost liquids production further.
  • However, Trump’s closer ties with Saudi Arabia could allow him to push OPEC+ to raise production.
  • A Harris administration would likely continue Biden’s current policies. This includes ending production on federal lands and eventually cutting exports.
  • While Harris has previously expressed support for banning fracking, she is unlikely to pursue this policy in office due to its effect on the US economy.
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A second Donald Trump presidency would have mostly bearish implications for the oil market, although the effect would likely be limited, Citi said cited by Dow Jones.

  • While Trump appears to have a more oil and gas friendly agenda, it would take 12-18 months for policy changes to have a notable effect on domestic supply growth, Citi said.
  • With US oil production already at an all -time high, reversing Biden’s fossil fuel policies may not boost liquids production further.
  • However, Trump’s closer ties with Saudi Arabia could allow him to push OPEC+ to raise production.
  • A Harris administration would likely continue Biden’s current policies. This includes ending production on federal lands and eventually cutting exports.
  • While Harris has previously expressed support for banning fracking, she is unlikely to pursue this policy in office due to its effect on the US economy.