Election to influence the price of oil

Election to influence the price of oil

Elisa Maria Giannetto
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From the US to Abu Dhabi, myriad factors are at play in the fluctuating price of oil as the world waits to find out who will be the next US president

The US presidential election, the ADIPEC summit in Abu Dhabi and the latest IEA forecasts are all causing the price of oil to fluctuate sharply and indicating the way forward for energy. In the United States, surveys and forecasts supporting a victory for Democratic candidate Hillary Clinton are driving the price up. Moreover, today the International Energy Agency (IEA) issued its November report, in which some analysts predict that the 8.6 million bpd output of the October report should be increased by an additional 200,000 bpd, which will sustain the price of oil.
Meanwhile, at ADIPEC 2016 in Abu Dhabi, the global petroleum industry continues to discuss strategies for new possible energy scenarios. Hosting the event is Abu Dhabi National Oil Company (ADNOC) CEO Sultan Ahmed Al Jaber, who stated, "While we cannot predict the future price of oil, one factor remains well within our control, and that is the cost of every barrel we produce," suggesting how OPEC will act at on 30 November, when members and non-members of the cartel will meet in Vienna to reach a final decision on the planned output freeze.
OPEC secretary general Barkindo had some reassuring comments following the informal meeting last week, stating "It is vitally important that OPEC members coordinate to rebalance the market for the common interest."