How the global oil supply chain could be splintered
There’s been a huge amount going on in oil in recent years – the shale boom, the discussion around the energy transition, the COVID demand shock, Russia’s invasion of Ukraine, and most recently the crisis in the Middle East.
Now, as geopolitical risks continue to intensify, Alison Savas (Antipodes Investment Director) and Graham Hay (Portfolio Manager Hardware, Industrials & Commodities) discuss the meaningful implications, along with Antipodes' view on the outlook for the price of crude oil.
Listen to this new podcast episode below, or find it on Apple, Spotify, or wherever you get your podcasts. Just search "pragmatic value investing".
Key times:
PART 1 – The Global Oil Market
- Current oil market dynamics & the implications of lower capital expenditure in recent years: 1:00
- How Iran could hold the world's oil market to ransom if the Israel - Hamas conflict widens: 3:40
- Why US sanctions on Russian crude are ultimately ineffective 5:30
- How Saudi Arabia could respond to an oil supply shortfall: 7:15
- The Chinese oil demand puzzle: 10:10
- Antipodes' view on the outlook for the crude oil price: 13:30
- Antipodes' energy exposures (TotalEnergies & Occidental Petroleum)*: 15:00
PART 2 – Q3 Market Update
- The state of the markets in Q3 2023: 18:00
- Why it's unlikely a supportive liquidity environment can be maintained: 21:10
- A mild recession in the US remains likely: 25:00
- Antipodes' portfolio positioning: 27:30
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