Mortgaging The Future. The Energy Report 01/17/2023
PHIL FLYNN
Oil prices are shaking off concerns of an economic slowdown as China’s reopening is a reality, not a theory. The OPEC Secretary General Mr. Haitham Al Ghais of the State of Kuwait today speaking in Davos said that he expects to see OPEC oil demand rise by 500,000 barrels a day this year. He also said that OPEC’s going do whatever it takes to stabilize the global oil market and is warning about massive underinvestment in oil and gas that is going to lead to a global shortage of oil and gas. He said that $12.1 trillion will be needed in the coming decades to meet demand.
... it signals that we’re seeing under-investment in fossil fuels, the ESG movement and the green energy movement are really backfiring. Not only has it led to instability in Europe, it’s also adding to more economic risk across the spectrum.
This in part is why our base case is for a major rebound in oil prices this year.
https://blog.pricegroup.com/2023/01/17/mortgaging-the-future-the-energy-report-01-17-2023/
Mortgaging The Future. The Energy Report 01/17/2023 PHIL FLYNN...
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