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
JPMorgan CEO Jamie Dimon said the US should pump more oil amid the world's energy crisis, just days after the Organization of the Petroleum Exporting Countries, or"Obviously, America needs to play a real leadership role — America is the swing producer, not Saudi Arabia," Dimon toldin an interview on Monday."And we should have gotten that right starting in March. It's almost too late to get it right because obviously, this is a longer-term investment.
Energy prices have gained sharply after Russia invaded Ukraine in February as Russia is a major exporter of oil and gas. Fears of a worsening energy crunch heightened in recent months after"In my view, America should have been pumping more oil and gas," he told CNBC. The US is the world's largest producer of oil, producing 18.9 million barrels of the fuel a day, per theHowever, the US is also the world's largest consumer of oil, so exports are limited.
By comparison, the de facto OPEC leader, and major exporter Saudi Arabia produces 10.8 million barrels of oil a day but consumes just 3.2 million barrels daily, exporting the rest, the EIA said.