*Oil Market Eyes Iran’s Return with Biden Win*
The president-elect has vowed to lift sanctions against Tehran and re-join the JCPOA nuclear deal, on the condition that Iran complies with all restrictions on the program. Sanctions imposed by Trump cut more than 2 million barrels per day of Iranian oil exports, which would make the current arrangement with OPEC cuts a little more complicated, especially with the 7.7 million bpd cuts potentially extended into 2021. (Argus Media)
*Oil Jumps on Vaccine Hopes And OPEC+ Supply Signals*
Oil gained nearly 10% at 13.45GMT as the news of a vaccine coming from Pfizer with a 90%+ effectiveness rate of preventing COVID-19 in their latest round of testing from a large study, with stocks also rallying as the bullish news reverberated around the global markets. (Reuters)
*Global Oil Inventories May See Rise in November*
Mercuria chief says that global oil inventories are due to rise as a result of the newly imposed Coronavirus restrictions, but they could return to pre-coronavirus levels in the second quarter of 2021, with the Mercuria boss also not seeing any huge changes as the president-elect is due to take office in January. (Reuters)