Amena Baker tweeting.
There was some speculation that OPEC+ would not continue with their 400K production increases but that's not what the White House is expected.
In reaction to the Covid pandemic, OPEC plus cut production by 10 million BPD. That cut has been whittled away but production is still some 3.7M less than pre-Covid levels. The US expects the process to continue but there may be some pushback. Moreover, as Eamonn posted yesterday, the OPEC+ nations are having trouble meeting their agreed upon production increases (see post here).
US production is also lower than pre-pandemic levels as well as producers in the US shifted focus away from capex exploration and more toward stock buyback, lower costs. US producers are looking to increase capex in 2022 which may give more relief but like the supply chain, the increase in supply is needed more today vs tomorrow.