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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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A Gift of God. The Energy Report 11/13/2024

By On November 13, 2024 - 8:07 AM · In Market Commentaries, Phil Flynn Energy Report
The UN yearly money grab or ‘climate summit’ known as COP 29, is taking place in Baku, Azerbaijan, a place climate genius Greta Thunberg calls “beyond absurd”. Almost as absurd is world leaders taking Greta Thunberg seriously. The reason the location of Baku, Azerbaijan is so absurd to Ms.Thunberg is because Baku, Azerbaijan is a city that is built by the production of fossil fuels and gave prosperity education and health to the people of that place.
In fact the people of Azerbaijan have a different take. The leaders have a different take on the origins of the city. Azerbaijan’s president Ilham Aliyev opened the conference by reminding global elites that, “oil and gas “are a gift of God.’ A gift that powers their economy and life and is an important driving force that lifts millions of people out of poverty around the globe.
What is also absurd is that the track record of all the billions of dollars collected by the UN COP meetings have failed to come up with concrete solutions to have a plan to reduce carbon emissions without causing a sharp rise in global poverty and hunger. Who can forget our outgoing Treasury Secretary Janet Yellen when she tried to win favor by the UN COP folks by trying to shame investors into not investing in fossil fuels. A stunning lack of understanding about the real world needs of energy and its impact on the cost of global food costs and inflation.
In fact, the Biden Administration was more than happy to get the money shake down from the UN and gave billions of dollars to redistribute to the county of the UN’s choice. In 2022 that included the doubling the U.S. pledge to the Adaptation Fund to $100 million and announcing over $150 million in new support to accelerate the President’s Emergency Plan for Adaptation and Resilience (PREPARE) efforts across Africa.  These build on the over $20 million that Biden has announced this year to accelerate PREPARE’s work in Small Island Developing States. Yet what we see is the waste. Just because you give more power and money to the UN to distribute, it does not mean it will save the planet or actually improve to lives of people on the earth.
For the oil trade, predictions of peak oil production and demand keep getting kicked back in the world of reality. Oil prices are still trying to balance a very tight physical market today with more predictions that global oil supply will flip into a supply surplus next year. Oil price wrote that, “current demand seems to be rather healthy, according to ANZ. The bank said, as quoted by Reuters, in a note this week that, “Crude oil prices edged higher as tightness in the physical market offset bearish sentiment on demand. Buyers in the physical market have been particularly active, with any available cargoes being snapped up quickly.”
At the same time geopolitical risk factors continue to be strong. Overnight there were reports that, “The Houthi attack Two U.S. Destroyers Leaving the Red Sea, Pentagon Says – USNI News
Iran’s oil minister says all necessary measures have and will be taken should the new Trump admin crank up the pressure on Iran. “Our oil industry colleagues know what measures to take in the event of any conditions/restrictions that may come.”
President-elect Donald Trump’s transition team has prepared executive orders to withdraw for a second time from the climate treaty that commits countries to reducing greenhouse gas emissions. “We are supporters of the Paris agreement. We are supporters of the methane rule,” Cheniere Vice President Anatol Feygin said, referring in the latter case to the European Union’s methane limits on oil and gas imports that would be placed on U.S. LNG beginning in 2030. Cheniere has invested over $45 billion in building LNG facilities and it believes that reducing emission will ensure natural gas plays an important role in the energy transition, said Feygin.
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Phil Flynn

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