Page 17 - AsianOil Week 45

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Iran’s nemesis and a key American ally Saudi thus far of the widespread voter fraud and other Major networks have
Arabia has welcomed the naming of Biden as irregularities that Trump and some of his sup- declared Joe Biden
president, though it will proceed with some trep- porters have alleged. The current consensus is the winner of the US
idation given the strong relationship the House that while the legal challenges complicate Biden’s presidential election,
of Saud had with Trump, particularly in light of path to taking office, they are unlikely to change although Donald Trump
his stance on Iran. the result. has disputed the result.
In Syria, four American soldiers were killed US oil and gas companies can now prepare for
as their vehicle came under attack in the oil-rich 2021 with greater certainty over what to expect,
governorate of Deir ez-Zor, near the Iraq bor- at least in the short term. Biden is expected to
der. Reports have suggested that the attack was prioritise a relief package in response to the coro-
carried out by Islamic State; it comes as the US navirus (COVID-19) pandemic, which – despite
is seeking to step up its military presence in the being potentially challenging to agree upon –
region, building a new military facility just 1-2 could help boost oil demand. In the longer term,
km from the border. Biden is likely to tighten up environmental pro-
To the east, Kurdish oil flows resumed this tections and restrict oil and gas development on
week after repairs were carried out on a pipeline federal land. But with the Republican Party hold-
following an attack thought to have been carried ing on to the Senate and the Democrats’ majority
out by the PKK group. in the House of Representatives diminished, he
will struggle to push through dramatic changes.
If you’d like to read more about the key events Oil prices rose more than 8% at the start of
shaping the Middle East’s oil and gas sector then this week on the added certainty in the wake of
please click here for NewsBase’s MEOG Monitor. the election result. However, the industry con-
tinues to grapple with a high risk of market vola-
US oil industry prepares for Biden tility as the pandemic continues to push various
The US oil and gas industry is starting to prepare countries back into lockdown.
for US President-Elect Joe Biden to take office in In the meantime, more North American oil
January, after being declared the winner of the and gas companies are reporting third-quarter
country’s presidential election by several major results, with losses piling up owing to the impact
networks on November 7. on the pandemic on demand and prices – which
Some uncertainty still remains as the incum- in turn hit production and company earnings.
bent, US President Donald Trump, has refused
to accept the result, and his campaign team is If you’d like to read more about the key events shaping
now pursuing legal challenges in a number of the North American oil and gas sector then please click
states. However, no evidence has been presented here for NewsBase’s NorthAmOil Monitor.™

Week 45 12•November•2020 www. NEWSBASE .com P17