The pandemic is this year’s big unknown for the global oil markets and the global economy. The oil market is unlikely to be completely out of the woods in four months’ time when another unknown could upend the balance of crude oil supply that OPEC+ is desperately trying to achieve with record collective production cuts. The U.S. presidential election in November could install a Joe Biden administration in the White House—an administration that will differ in its foreign policy approach from the Trump Administration and could opt for more negotiations and fewer sanctions on oil-producing countries such as Iran and Venezuela. Iran, Venezuela, and Libya – the three OPEC members currently exempt from the production cuts – have seen their oil production and exports collapse in recent years because of the civil war in Libya and increasingly strict U.S. sanctions on Iranian and Venezuelan oil exports. If Biden wins […]