In the United States experts continue to discuss the possibility of lifting restrictions on oil exports. There are several reasons for such a step. First, oil production now is at record levels, and according to the International Energy Agency in 2020, the United States will get the 1 place in terms of oil production. Despite that the United States remains the largest consumer of oil in the world. Another reason for the lifting of the ban is a confrontation between the U.S. and Russia, which is caused by the tense situation in Ukraine. The U.S. may use oil as a lever of influence on Russian policy.
In addition, it is worth noting that the supply of oil on the market could grow after the agreement of the West and Iran regarding its nuclear program, the stabilization of the situation in Libya and Ukraine.
We expect a decline in oil prices in the long term.
Wish you the profits!
FXFINPRO Capital Analytical department.