Tashkent, Uzbekistan (UzDaily.com) -- The intensification of the pandemic greatly constrains the demand for oil in the world and contributes to the decline in oil prices. Today, prices for "black gold" are hovering around US$40 per barrel, despite the fact that OPEC members fulfill their obligations to reduce oil production. According to forecasts, its price may return to the level of the beginning of 2020 in the foreseeable future, i.e. US$60 per barrel, writes JB Press (Japan).

It is expected that Joe Biden’s victory could have a negative impact on both the dynamics of oil demand and its supply. If Joe Biden returns to the Paris climate agreement, the US could again reduce oil demand.

Joe Biden’s victory will have a negative impact on the global oil supply. He declares the United States’ readiness to return to the Iranian nuclear deal. Then the question of lifting or easing oil sanctions against Iran will arise. If this happens, then Iranian oil will come to the world market in the amount of 2 million barrels per day, which will lower the price of hydrocarbons.

Under Joe Biden, a chill could occur in US-KSA relations. Joe Biden has declared his intention to improve ties with Iran. In this case, an unfavorable situation will develop around the Kingdom in terms of its internal and external security. In addition, in the Middle East settlement, there will be times of discord and even "rollback." The UAE and Bahrain, which, under pressure from Donald Trump’s initiatives, went to normalize relations with Israel, in the event of serious changes in US policy in the region, may become an object of military threat to Iran, Israel’s sworn enemy.

In Tel Aviv, there is widespread dissatisfaction with Joe Biden’s projected policies in the region. It is noted that under the administration of Joe Biden, the risk of direct military conflict between Israel and Iran significantly increases. In general, the Israelis associate the likelihood of an increase in geopolitical risks in the region with Joe Biden. These factors carry significant risks for the oil market, experts say