Zero Hedge: OPEC+ Balks At Biden's Demands For More Oil Production
With oil prices rising to levels last seen during the OPEC Thanksgiving massacre of 2014, developed nations - having realized they made an epic blunder by pushing the Net Zero lunacy far too hard, leaving the oil and gas industry with not nearly enough growth spending to keep the price of oil from surging (as we discussed in "One Bank Crunches The Numbers On Oil Supply/Demand Dynamics, Reaches A Shocking Conclusion") ... are now stuck begging OPEC+ to produce more, as the alternative is even higher oil prices and attendant social unrest as even ESG posterchild Larry Fink admits.
Speaking to reporters in Rome, a senior US official said that the U.S. is talking to other energy-consuming nations about how to press OPEC+ to boost output to address the current supply crunch. That such pleas aimed at OPEC+ come from the same admin which ended the Keystone XL pipeline on its first day, and has done everything to crush shale capex in the US, is hardly a surprise.
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WNU Editor: It looks like the Biden administration does not really have a plan .... Biden ‘Reluctant’ to Detail Response If OPEC Won’t Boost Output (Bloomberg).
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