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

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 says the US should pump more oil, amid the global energy crisis.

Energy prices have gained sharply after major exporter Russia invaded Ukraine in February.

The US has huge energy reserves but exports are hitting their upper limits.

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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 OPEC, agreed to an production cut that is equivalent to 2% of the global supply.

"Obviously, America needs to play a real leadership role — America is the swing producer, not Saudi Arabia," Dimon told CNBC in 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 Russia started cutting natural-gas supplies to Europe — a development Dimon called "pretty predictable."

"In my