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U.S. President Joe Biden’s new energy policies will have a moderate impact on Brent prices overall.
That’s what Matthew Bey - a senior global analyst with Stratfor, a RANE company - told Rigzone, adding that short term price dynamics are largely being driven by Saudi Arabia, OPEC+ policy and the pace of the economic recovery from Covid-19.
“Over the next two years the economic recovery from Covid-19 and the pace of it globally, coupled with the pace of global production growth will play a driving role in price formation,” Bey said.
“President Biden s policies could slow down the pace of resilience that United States onshore producers have when reacting to higher prices, which would slow down a surge in supply that could temper price increases,” he added.