Oil Was Kupperman's Saving In 2022 Harris Kupperman:
"... my strongest held view is that 2023 is the year of oil crushing all other CUSIPs."
"...there has been minimal spending growth on exploration, while global demand has continued to rebound and grow."
"...postponement of my theme (oil win) was mainly caused by the unexpected purge of SPR inventory, along with China going offline due to germs."
"These two trends seem destined to reverse during 2023. Meanwhile, Russian oil production is permanently impaired and likely in free-fall. When I tally these three components, I come to a mind-numbing swing of nearly 5 million bbl/d. Now, I know the swing cannot actually be this large—mainly because demand will suffer given the magnitude of the swing. However, demand will only suffer at triple digit oil prices."
https://www.zerohedge.com/markets/oil-will-crush-all-other-investments-2023