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According to US government data, Cheniere North America: Preparing for Biden
sent nine LNG cargoes to China between March The US oil and gas industry is starting to prepare
and August 2020, after trade resumed. However, for US President-Elect Joe Biden to take office in
a deal that the company had been trying to final- January, after being declared the winner of the
ise with China’s Sinopec prior to the trade war country’s presidential election by several major
has still not materialised. networks on November 7.
Some uncertainty still remains as the incum-
If you’d like to read more about the key events shaping bent, US President Donald Trump, has refused
the global LNG sector then please click here for News- to accept the result, and his campaign team is
Base’s GLNG Monitor. now pursuing legal challenges in a number of
states. However, no evidence has been presented
Mideast: Focus turns to US relations thus far of the widespread voter fraud and other
With the election of Joe Biden in the US, focus irregularities that Trump and some of his sup-
has turned to Middle Eastern countries’ relation- porters have alleged. The current consensus is
ships with Washington. At the top of the pile is that while the legal challenges complicate Biden’s
Iran, which has cautiously welcomed the prom- path to taking office, they are unlikely to change
ise of a new president as it seeks to return from the result.
the global economic wilderness. US oil and gas companies can now prepare
Biden’s predecessor Donald Trump pulled for 2021 with greater certainty over what to US oil and gas
out of the Joint Comprehensive Plan of Action expect, at least in the short term.
(JCPOA) in 2018, leading to increased tensions Biden is expected to prioritise a relief pack- companies can
with Tehran, and the Islamic Republic is hopeful age in response to the coronavirus (COVID-19) now prepare for
that a change of leader will bring an end to its pandemic, which – despite being potentially
isolation and allow international companies to challenging to agree upon – could help boost oil 2021 with greater
develop its world-class oil and gas assets. demand.
Iran’s nemesis and a key American ally Saudi In the longer term, Biden is likely to tighten certainty over
Arabia has welcomed the naming of Biden as up environmental protections and restrict oil
president, though it will proceed with some trep- and gas development on federal land. But with what to expect,
idation given the strong relationship the House the Republican Party holding on to the Senate at least in the
of Saud had with Trump, particularly in light of and the Democrats’ majority in the House of
his stance on Iran. Representatives diminished, he will struggle to short term
In Syria, four American soldiers were killed push through dramatic changes.
as their vehicle came under attack in the oil-rich Oil prices rose more than 8% at the start of
governorate of Deir ez-Zor, near the Iraq bor- this week on the added certainty in the wake of
der. Reports have suggested that the attack was the election result. However, the industry con-
carried out by Islamic State; it comes as the US tinues to grapple with a high risk of market vola-
is seeking to step up its military presence in the tility as the pandemic continues to push various
region, building a new military facility just 1-2 countries back into lockdown.
km from the border. In the meantime, more North American oil
To the east, Kurdish oil flows resumed this and gas companies are reporting third-quarter
week after repairs were carried out on a pipeline results, with losses piling up owing to the impact
following an attack thought to have been carried on the pandemic on demand and prices – which
out by the PKK group. in turn hit production and company earnings.

If you’d like to read more about the key events shaping If you’d like to read more about the key events shaping
the Middle East’s oil and gas sector then please click the North American oil and gas sector then please click
here for NewsBase’s MEOG Monitor. here for NewsBase’s NorthAmOil Monitor.™

P10 www. NEWSBASE .com Week 45 12•November•2020