They don’t get it – OPEC can’t do very much to manage this. Yes, they could put some more barrels onto the market but that’s also very limited. Consuming nations must look for themselves how they can make themselves more resilient to such shocks. North America just happens to have a great solution. They have a gas overhang which will become more pronounced with all the drilling going on. Promote LNG as a fuel for heavy vehicles and you reduce oil consumption, clean the air and make sure that American workers benefit.
The U.S. is talking to other energy-consuming nations about how to press OPEC+ to boost output to address the current supply crunch, a senior U.S. official told reporters in Rome.