JP Morgan boss Jamie Dimon says the US is the 'swing producer' of oil, not Saudi Arabia, and urges it to pump more oil days after the OPEC announced a production cut
Business InsiderMAR 28 2023
The Spin
Establishment-critical narrative
The OPEC+ announcement is not only a slap in Biden's face, but underscores the tectonic geopolitical shifts in West Asia and Russia's growing influence. Instead of reflecting on its own failures, Washington is once again resorting to threats, which will only spur the continued evolution of a multipolar world order.
Pro-establishment narrative
The OPEC+ decision poses numerous risks for the free world. Washington must not give in to the pressure and should continue its plan for a price cap on Russian oil. The Biden administration should avoid any short-sighted response in the run-up to the midterm elections. As with the 1973 oil embargo, this production cut could ultimately prove to be a dangerous boon for the oil cartel.