That’s got O&G producers outside the Middle East looking to up production

In areas where production is more expensive, infrastructure doesn't exist, and the professional class doesn't want to live. We're not going to turn Caracas into Kuwait, no matter how many deals Jared Kusher says he's made with the Venezuelan government.

What the US destroyed in the Persian Gulf took decades to build up and interlink. Just like when the Brits blew up the Nordstream II to spite Russia (and the Ukrainians knocked out who even knows how many refineries inside Russian territory), the American/Israeli War on Iran isn't something we can magically undo the moment the political winds shift.

A lot of data centers are using methane and diesel generators, plus they suck up huge amounts of water

They're using these generators because they've exhausted the pipeline for larger and more efficient alternatives. And the water they're sucking up is a big reason why the cattle industry is suffering. These companies are devouring their own seed corn, often at a loss. The long term consequences of this malinvestment will be recessionary. We are trading some short term rapid consumption today for a long tail of consumption capacity into the next generation.

Degrowth, baby! It's happening.