An expected, aggressive turn in US foreign policy led by incoming Secretary of State Mike Pompeo could trigger a loss of up to 1.4 million b/d in global crude supply by the end of 2018 as the Trump administration ramps up sanctions on Venezuela and Iran, analysts said. Pompeo, the CIA director whom President Trump picked Tuesday to replace Rex Tillerson as secretary of state, is expected to push for the US to exit the Iran nuclear deal and for new sanctions on Venezuela’s struggling oil sector. But while analysts agree that Pompeo’s policy will be far more hawkish than Tillerson’s, they differ widely on just how much this will impact future supply. For example, Joe McMonigle, an analyst with Hedgeye Capital, said that re-imposing US oil sanctions on Iran could lead to the removal of as much as 1 million b/d of Iranian crude exports from the world […]