Here's how Trump politics would change oil prices

US President Donald Trump has promised to boost production of fossil fuels and create more jobs by opening up more areas for drillers, but will have little impact on the market in the short term, said energy consultant Wednesday.
"The opening of environmentally sensitive areas that Obama has closed, you can make a difference, which increased its oil production by 1 million barrels per day or more, so in the short term, would have no influence, said Fereidun Fesharaki.
Shale industry is likely to benefit from tax relief imposed by the management of Trump.
OPEC agreed to cut production by 1.2 million barrels per day for the first half of 2017. To boost the price of oil. OPEC also has agreed with other oil producers led by Russia to reduce almost 1.8 million barrels per day.
The delivery of the 11 OPEC members averaged 30.01 million barrels per day, down from 31.17 million a day, reported Reuters.
The price of crude oil closed higher on Tuesday, U.S. West Texas Intermediate is around $ 52.70 a barrel, while Brent Crude Oil is priced around $ 55.40 a barrel.
If prices rise to $ 60 a barrel, however, the US production will increase by 1 million barrels a day, and the market will not be able to absorb it.

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