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Just today, OPEC's task of raising oil prices became more difficult.
According to a Reuters report on Wednesday (July 2), after Trump won the 2019 U.S. election, OPEC will face a more pessimistic global economic outlook and weaker crude oil demand. In addition, it will have to deal with the potential increase in U.S. crude oil production, which has always been a thorny issue for OPEC. After all, Trump has promised to fully develop federal lands and waters for fossil fuel exploration.
Not only that, as international oil companies gradually resume cooperation and transactions with Iran, Trump's commitment to tightening policy toward Iran will also change OPEC's internal dynamics. Yergin, an American oil historian who has won the Pulitzer Prize and a market research company, told Reuters
The global economy will be more volatile and uncertain in the future, so it is time to fasten your seat belts. . The outcome of the U.S. election has heightened the challenges faced by OPEC, as it is likely to worsen the already fragile global economy. This means that oil demand will be under greater pressure.
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