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Phil Flynn

Phil Flynn is writer of The Energy Report, a daily market commentary discussing oil, the Middle East, American government, economics, and their effects on the world's energies markets, as well as other commodity markets. Contact Mr. Flynn at (888) 264-5665

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T’Was The Last Energy0 Report Before Christmas! Merry Christmas all! The Energy Report 12/22/2023

By On December 22, 2023 - 9:27 AM · In Market Commentaries, Phil Flynn Energy Report
T’Was the Last Energy Report Before Christmas,
When Angola dropped out, leaving OPEC concord riddled with doubt
The cartel cut production with care, but Angola did not think its share was so fair.
Yet the Saudis went full steam ahead, cut their quota, and said to drop dead.
Plus Angola’s production was under its cap; while the UAE craved more barrels to tap.
They needed a cut, so the hedge funds would scatter; crushing the speculators was really what mattered.
They needed oil to go up in a flash to regain control of prices that started to crash.
They needed to reduce the crude oil flow because US production continues to grow.
Oil production hit a record this year, and that happens to be the cartel’s greatest fear. So, the little old cartel was lively and quick, a voluntary cut might just do the trick.
Producer compliance is part of this game, especially the ones I will call out and name.
Like Russia! Now Kuwait! now Iran and Algeria, we need to see cuts in Libya, Iraq, and even Nigeria. And we still believe if the cartel stands tall, global product inventories will start to fall.
Then we will see the prices go incredibly high, with a supply blockage they could mount to the sky. Then you have to account for supply risk too as the Iranian-backed Houthis say they’re not through. The Houthi attacks should be absolute proof, that Biden’s policy toward Iran was a major goof.
Biden thought that appeasement would turn them around, yet Iran’s funding of terror did start to rebound.
The war in Gaza is now underfoot as Biden’s foreign policy is now tarnished with ashes and soot.
The responsibility falls right on his back and for the good of the world we need to change track. We need Peace on Earth if we are to be merry but if you look around it’s downright scary.
The risk to the world continues to grow and it seems like we are enriching our foes. The Hamas attacks were a kick in the teeth and they opened up wounds that ran silent and deep. It was like a  big gut punch right in the belly and shook-up the world from New York to New Deli.
Yet in this season of love and mercy itself, I still have hope despite ourselves.
If we all pray for peace, we will have nothing to dread and can focus on a holy Christmas instead. I know world peace will take some incredible work but it’s a calling to duty from which we can’t shirk.
If we can allow peace and charity to grow then we can all live together and forget all our woes. Then maybe one day we could get rid of our missiles and harmony between world government officials.
Until that day pray for our soldiers in lands far away. It is for us and freedom they put up an incredible fight so to them and all of you… Merry Christmas to all and to all a good night!
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Phil Flynn
Senior Market Analyst & Author of The Energy Report
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