Apart from simple supply and demand, nothing impacts oil markets as much as geopolitics.
Former President Donald Trump did everything he could to load up sanctions on countries like Iran and Venezuela in order to cut down on their crude exports. Now we'll see what President Joe Biden might do and whether those moves lead to more barrels coming back on oversupplied markets.
We spoke with Paul Sheldon, chief geopolitical adviser for S&P Global Platts Analytics, about the Biden presidency and the potential impact on global oil markets.