224
from Libya. The impacts of US sanctions on the oil market are influential; the shale
revolution has made sanctions policies more useful and effective. Thus, they go hand
in hand; that is, the shale revolution and the sanctions should be analyzed together.
Areas of energy and sanctions policies can potentially be reevaluated and undergo
changes in both substance and style. The Trump administration is in close connection
with US domestic oil producers, Saudi Arabia, the United Arab Emirates, and
Venezuela’s opposition groups. Hence, the sanctions imposed on Iran and Venezuela,
and to a lesser degree on Libya, enable the administration to align economic, diplomatic, and political goals (www.reuters.com 2020a, b, c, d, e, f, g, h, i).
In the event that Biden wins the election in November 2020, significant changes
will occur in oil policies in both domestic and international contexts because a probable Biden administration would not be interested in Trump’s oil policies and would
probably refer to them during the election as hostile policies. It is more likely that
the political transition of a Biden administration would be based on negotiating with
Venezuela, making a nuclear agreement with Iran and trying to end the war in Libya
(www.spglobal.com 2020a, b, c, d, e). If Donald Trump comes to power again a
second time, his administration may feel empowered to proceed with applying the
present curbs or may even enforce stricter curbs on oil exports. However, it is highly
probable that there may be mitigation of US sanctions and oil export curbs imposed
on a minimum of the three disrupted oil producers over the following 4 years. What
is more, if Libya, Venezuela, or Iran reappeared as important oil exporters, it would
try to have readjustments made in both prices and production for the three great oil
producers (www.reuters.com 2020a, b, c, d, e, f, g, h, i).
Senators Boost Pressure on Saudi Arabia and Russia Over Oil
Market Share War
A group of 13 US senators from oil-rich states threatened to suspend US–Saudi
relations during a telephone debate with the Saudi ambassador to Washington,
expressing dissatisfaction with the war over oil prices that hurt US producers (www.
cnn.com 2020a, b). The US senators are outraged that oil prices have fallen because
of the price war between Russia and the Saudis, and that the country continues to
suffer from the economic consequences of the coronavirus. These American politicians are worried that if American producers are financially pressured, they will
become unemployed, and this will further damage the American economy at this
critical time (www.cnn.com 2020a, b).
Republican senators in the oil-rich states of the United States, who recently
called for the legalization of a plan to withdraw US troops from Saudi Arabia, urged
three Saudi officials to take concrete steps to reduce oil production. Oil prices hit an
18-year low following the outbreak of the Coronavirus and the closure of the
world’s economic centers, as Saudi Arabia and Russia competed for oil production
(www.reuters.com 2020a, b, c, d, e, f, g, h, i). The US senators’ telephone conversation was initiated by Dan Sullivan and Kevin Kramer, who in March 2020 proposed
6 Trump Energy Diplomacy
from Libya. The impacts of US sanctions on the oil market are influential; the shale
revolution has made sanctions policies more useful and effective. Thus, they go hand
in hand; that is, the shale revolution and the sanctions should be analyzed together.
Areas of energy and sanctions policies can potentially be reevaluated and undergo
changes in both substance and style. The Trump administration is in close connection
with US domestic oil producers, Saudi Arabia, the United Arab Emirates, and
Venezuela’s opposition groups. Hence, the sanctions imposed on Iran and Venezuela,
and to a lesser degree on Libya, enable the administration to align economic, diplomatic, and political goals (www.reuters.com 2020a, b, c, d, e, f, g, h, i).
In the event that Biden wins the election in November 2020, significant changes
will occur in oil policies in both domestic and international contexts because a probable Biden administration would not be interested in Trump’s oil policies and would
probably refer to them during the election as hostile policies. It is more likely that
the political transition of a Biden administration would be based on negotiating with
Venezuela, making a nuclear agreement with Iran and trying to end the war in Libya
(www.spglobal.com 2020a, b, c, d, e). If Donald Trump comes to power again a
second time, his administration may feel empowered to proceed with applying the
present curbs or may even enforce stricter curbs on oil exports. However, it is highly
probable that there may be mitigation of US sanctions and oil export curbs imposed
on a minimum of the three disrupted oil producers over the following 4 years. What
is more, if Libya, Venezuela, or Iran reappeared as important oil exporters, it would
try to have readjustments made in both prices and production for the three great oil
producers (www.reuters.com 2020a, b, c, d, e, f, g, h, i).
Senators Boost Pressure on Saudi Arabia and Russia Over Oil
Market Share War
A group of 13 US senators from oil-rich states threatened to suspend US–Saudi
relations during a telephone debate with the Saudi ambassador to Washington,
expressing dissatisfaction with the war over oil prices that hurt US producers (www.
cnn.com 2020a, b). The US senators are outraged that oil prices have fallen because
of the price war between Russia and the Saudis, and that the country continues to
suffer from the economic consequences of the coronavirus. These American politicians are worried that if American producers are financially pressured, they will
become unemployed, and this will further damage the American economy at this
critical time (www.cnn.com 2020a, b).
Republican senators in the oil-rich states of the United States, who recently
called for the legalization of a plan to withdraw US troops from Saudi Arabia, urged
three Saudi officials to take concrete steps to reduce oil production. Oil prices hit an
18-year low following the outbreak of the Coronavirus and the closure of the
world’s economic centers, as Saudi Arabia and Russia competed for oil production
(www.reuters.com 2020a, b, c, d, e, f, g, h, i). The US senators’ telephone conversation was initiated by Dan Sullivan and Kevin Kramer, who in March 2020 proposed
6 Trump Energy Diplomacy