Trump’s impending return to the White House has returned the possibility of a crack-down on Iranian sanctions enforcement, Bloomberg said.

• Trump introduced a ‘maximum pressure’ campaign to choke off Tehran’s petroleum exports in 2019.
• Conversely Biden had been lax on enforcement, preferring to maximise global oil supply.
• Iranian flows could be curtailed by 0.75m-1m b/d, according to Ben Cahill, energy markets and policy director at the University of Texas.
• Rapidan Energy estimates that Iranian flows could fall by 1.3m b/d, while Energy Aspects saw it falling by up to 1m b/d if a sanctions crackdown is enforced.
• Iran’s oil exports averaged 1.7m b/d in Q3, up around two-and-a-half times the levels in H2 2019, according to TankerTrackers.
• Trump may also look to recalibrate the US-Saudi relationship, with the Kingdom recently normalising relations with Iran.
• MNI COMMODITY WEEKLY: Sanctioned Barrels Face Potential Shake-Up: https://enews.marketnews.com/ct/x/pjJscVTZkuQI6a4zdxkgGQ~k1zZ8KXr-kA8x6mTC5OsptIPjO1OcQ