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Iran could flood the market with millions of barrels of oil if Joe Biden becomes president, one of Wall Street's top analysts says

Iran could flood the market with millions of barrels of oil if Joe Biden becomes president, one of Wall Street's top analysts says




The oil market is not considering the threat of a Joe Biden victory in the US election, a renowned oil analyst warned this week.




RBC Capital Markets' Helima Croft told Business Insider that a Biden victory could lead to the renegotiation of the Iran Nuclear Deal, which could in turn see Iran up international oil production.




"You could see a million plus Iranian barrels hit the market," Croft told Business Insider.




Croft told Business Insider: "Iranian exports hitting the market is going to put a temporary lid on how high prices can go."




Visit Business Insider's homepage for more stories.



A Joe Biden victory in the White House this year could be negative for oil prices as he is likely to take a softer stance on Iran and lift sanctions paving the way for millions of barrels of Iranian crude to return to the market, one of Wall Street's top commodity analysts said.
Speaking to Business Insider, Helima Croft, head of commodity strategy at RBC Capital Markets, said: "One of the things you want to think about for oil in 2021 is who is in the White House?"
"If you have Joe Biden as president he could basically take the US back into the [Iranian] Nuclear deal and you could see a million plus Iranian barrels hit the market. These are the kind of things I think will be very important into the trajectory of oil into 2021," she added.
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