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What effect will President Trump have on Opec, the Middle East and world oil markets?
Given that he has annunciated strikingly few clear policy proposals and that Congress, even a Republican controlled one, is likely to water down his wackier schemes, it is difficult to say.
His election is bullish for US production, notwithstanding that the main factor governing whether to invest is the oil price, not policy. US E&P firms saw their share prices rise, albeit modestly, post-election.
Movements against new pipelines needed to evacuate new shale output gathered pace under President Obama. Hillary Clinton – having come under pressure from anti-shale rival Bernie Sanders in the primaries – moved to appease such lobbies. Though few observers expected her to carry through on this in a meaningful way, this threat has been removed, whilst Trump’s pronouncements have been firmly in the ‘drill baby drill’ camp. (CONTINUED - 571 WORDS)