A Donald Trump administration in the United States is a one of the big unknowns for the oil industry in 2017 according to a senior petroleum analyst.
Dan McTeague says major projects which President Barack Obama turned down such as the Keystone XL pipeline are now back on the table.
Apart from recent productions cuts from OPEC, McTeague says Trump may also try to limit more oil coming from the Middle East.
“If Trump is true to what he said during the campaign, he will not allow Iran to see its sanctions removed or restore those sanctions. That could mean less oil into the world market,” he says.
McTeague believes Canada could sell more oil to the U.S. under Trump but at the same time the next president could also impose a tax or levy on Canadian crude if he decides to renegotiate NAFTA.
