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Energy: The American Chapter – how US bails out the world & then doesn’t!

Strategy Report ·David Roche ·21 May 2026

Energy: The American Chapter – how US bails out the world and then doesn’t! US produces and consumes 20mn bpd of crude oil equivalent. But on top this, the US is exporting 10mn bpd to its “allies” – European, Asian and Australia. Thus, the US is draining its own oil rese…

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Navigator – Linking Dots

Strategy Report ·David Roche ·18 May 2026

Navigator – Linking Dots. The global energy supply crisis driven by the Middle East (ME) War is set to get worse. Demand exceeds supply for oil and LNG plus some critical raw materials like sulphur. Absolute product shortages will be generalised by the end of summer. …

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Navigator – What the Revised Energy Deficit Does to GDP

Strategy Report ·David Roche ·12 May 2026

Navigator – What the Revised Energy Deficit Does to GDP. (An earlier abbreviated text of this piece was sent to clients on the WhatsApp service at the weekend. Their savvy comments inspired revisions to the original now incorporated below.) New data and field work…

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