- Need commitment of all players, including non-OPEC+ members, to oil supply
- Energy markets are not only about data but also about perception and feelings
- OPEC+ members committed to invest more in oil industry but it takes time
I would argue that the backdrop of the oil market being rather tight is quite understood at this point. Throw in the fact that there is massive underinvestment amid the green transition, that is a recipe for higher energy prices in the bigger picture over the next few years. But if there is ever a need to try and rein things in during the short-term, OPEC+ can at least try and do something about it but I doubt they would.