Producers are unlikely to follow Trump’s marching orders amid muted global demand and Wall Street calls for higher returns
Good morning, and welcome back to Energy Source, coming to you from New York. All eyes are on Opec+ this morning as the oil cartel is expected to prolong its production cuts, as it waits to see how president-elect Donald Trump’s plans to overhaul US energy policy will shift the global flow of oil. Trump has vowed to unleash the country’s oil and gas production, which reached record highs under the Biden administration, and tighten sanctions on Iran and Venezuela.
“You can’t have low crude prices, as President Trump campaigned on, at the same time as robust production growth. It’s just not reality.” Kornfeind added that where Trump administration policies could influence production was in the medium and long term. The incoming president has committed to cutting red tape on new energy infrastructure and freeing up federal lands for drilling.
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